Boeing at two-week high as approval for 737 MAX to fly seen by late June By Reuters

(Reuters) – Shares of Boeing (NYSE:) Co rose as much as 3% to more than a two-week high on Friday after Reuters reported that the Federal Aviation Administration (FAA) expects to approve 737 MAX jets to return to service as soon as late June.

Shares of the world’s biggest planemaker have fallen nearly 15% since the fatal crash of an Ethiopian Airlines 737 MAX jet in March, erasing about $40 billion in market value.

The stock has also been among the worst performers on the and the . The benchmark index is up about 3% during the same period, while the Dow has risen by a marginal 0.2%.

If the aircraft is cleared to fly by June, its operators, including Southwest Airlines (NYSE:) Co, American Airlines Group Inc and United Continental Holdings Inc, would likely not have to extend costly cancellations that they have already put in place for the peak summer flying season.

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