Mar 20, 2019

Report: FBI joins criminal investigation of Boeing 737 MAX certification

Photo: Ralph Freso/Getty Images

The FBI has joined the Department of Transportation's criminal investigation into how the Boeing 737 MAX was certified, following two crashes in less than 6 months, the Seattle Times reports.

Why it matters: The Times reported earlier that deadline pressure prodded the FAA and Boeing to delegate more safety decisions to Boeing engineers working on behalf of the FAA. That's because across the Atlantic, Boeing's arch-rival company, Airbus, was developing a similar plane, known as the Airbus A320neo. A federal grand jury issued a subpoena on March 11 to at least one person involved in the development of the aircraft, according to the Wall Street Journal.

Go deeper: What we've learned from the Boeing 737 MAX crashes

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.