Boeing Co. shares jumped after the company unveiled plans to restart jetliner manufacturing in the Seattle area next week, ending a shutdown that began last month because of the Covid-19 pandemic.
About 27,000 people will return to final assembly lines for twin-aisle jets such as the 747, 777 and 787 Dreamliner, the company said in astatement Thursday. Boeing will also resume its work toward restarting production of the 737 Max, which was halted in January. The Max has been grounded for more than a year after two deadly crashes.
Boeing Chief Executive Officer Dave Calhoun said a deal between U.S. airlines and the Treasury Department on a $25 billion aid package helped boost the planemaker’s confidence in reopening its largest industrial center amid the unprecedented crisis. Air-travel demand has dwindled to almost nothing as governments urge people to stay home, prompting carriers to park thousands of jets. But the U.S. airline aid enables Boeing to plan for the longer term.
“Our industry took a step on the long road to recovery from the Covid-19 crisis this week,” Calhoun said in amessage to employees.
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-18% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.049 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23