Boeing crashing down on Wall Street

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Aircraft manufacturer crashed hard on the stock exchange in New York on Friday, after a message that employees may have misled supervisors by withholding certain information. Investors on Wall Street processed further disappointing figures about the Chinese economy and the quarterly results of Coca-Cola, among others.

Boeing lost nearly 7 percent in market value. A pilot would have had technical comments in 2016 on the contested 737 MAX aircraft that has been on the ground for months due to two crashes. Aviation Authority FAA received the relevant documents only this week. The regulators accuse Boeing that the company did not ring the bell earlier.

The stock markets fell across the board. The Dow-Jones index closed 1 percent lower at 26,770.20 points. The broad-based S&P 500 fell 0.4 percent to 2986.20 points and the tech market Nasdaq lost 0.8 percent to 8089.54 points.

The Chinese economy experienced the slowest growth in nearly thirty years last quarter. The second economy in the world is mainly hampered by the continuing trade tensions. The market also responded to statements from Fed Vice President Richard Clarida. He emphasized that the central bank will take appropriate action to support the US economy. In addition, investors are waiting for further developments regarding the Brexit.

Facebook fell 2 percent. Various European countries, including Germany and France, are working on measures to prohibit the arrival of the libra, the virtual currency of Facebook, in Europe.

Coca-Cola won almost 2 percent. The soft drink producer continues to benefit from his strategy of selling more soft drinks with less sugar, such as the sugar-free variant Coca-Cola Zero. Other companies that opened the books included credit card company American Express (minus 2 percent), broadcaster ManpowerGroup (plus 1 percent) and oil service provider Schlumberger (plus 1.3 percent).

The euro was worth $ 1,1164 compared to $ 1,1155 at the close of the European stock markets earlier in the day. The price of a barrel of American oil fell 0.4 percent to $ 53.71. Brent oil cost 1.1 percent less at $ 59.23 a barrel.

About the author

Leah Kunze

Leah Kunze just graduated MBA and is proud of it. She is interested in automotive industry and innovations. She well be glad to receive a mail to [email protected]

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