Shares of aircraft manufacturer Boeing (BA) rose more than 1% after the Federal Aviation Administration (FAA) cleared its 737 MAX 10 aircraft for test flights.
The clearance represents an important step forward for Boeing and its shareholders after the MAX 10 series of jets were grounded following two deadly crashes.
The 737-10 is the biggest aircraft in Boeing’s MAX series of single-aisle jets. Boeing had hoped to secure FAA certification for the MAX 10 in 2022, but that clearance was delayed.
Now, Boeing executives say they are hoping to have the MAX 10 back in commercial service sometime in 2024. The company is also waiting for FAA certification of its smaller MAX 7 jets.
Boeing is one of only two commercial aircraft manufacturers worldwide along with France’s Airbus SA (AIR).
The stock of Boeing has gained 13% this year to trade at $219.91 U.S. per share.
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