Shares of industrial and transportation companies rose slightly after more safety concerns for Boeing's troubled 737 MAX jet.

Boeing shares plunged 8% and Spirit AeroSystems shed 11% after Boeing's 737 MAX was grounded following an incident with an emergency door on a jet flown by Alaska Airlines on Friday evening. The Federal Aviation Administration grounded the planes Saturday and ordered airlines to conduct inspections. Kansas-based Spirit AeroSystems is responsible for the emergency-door configuration involved in Friday's accident.

"Boeing is right up there with mom, Coca-Cola and apple pie ... there seems to be a lot of national pride in Boeing," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. Boeing is symbolically important to the U.S. reputation on the export market, and safety issues for the bellwether can affect the appetite for air travel worldwide, said Joyce.

The Arlington, Va., company is also locked in a multidecade dogfight for market dominance with European rival Airbus.

Congressional leaders reached a bipartisan deal on Sunday setting a roughly $1.6 trillion federal spending level for the year, but the pact drew quick criticism from some conservatives and it remained unclear whether lawmakers would be able to quickly pass legislation averting a government shutdown.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-08-24 1843ET