Millennials were scooping up Boeing's stock amid the 737 Max's turmoil

Boeing 737 MAXBoeing

  • Millennials are were buying the dip in Boeing's stock that came after Sunday's Ethiopian Airlines disaster, according to weekly data from the free trading app Robinhood.
  • The number of accounts with Boeing stock increased by 68% as the company dealt with the fallout of a second 737 Max crash in five months.
  • Watch Boeing trade live.

Millennials were buying the dip in Boeing's stock, according to data from Robinhood, a free trading app popular among millennials.

Boeing's stock fell by as much as 14% in the wake of a second crash in five months involving the 737 Max aircraft. The jet represents the bulk of Boeing's 5,000-strong aircraft orders.

On Wednesday, President Donald Trump ordered the grounding of all 737 Max aircraft following the actions of other governments and airlines across the world.

And on Thursday, data collected by Markets Insider showed the number of accounts holding Boeing shares jumped by 68% from a week earlier to 29,000 accounts.

Millennial traders may be on to something as Boeing shares closed higher on Wednesday - their first gain since the Ethiopian Airlines jet crashed on Sunday.

If history is any indication, Boeing shares should soon resume their upward trajectory. Back in January 2013, Boeing's 787 was grounded following several incidents involving battery malfunctions. The plane maker's stock rallied 20% between the grounding of the 787 and the resumption of flights in April.

Despite the recent sell-off Boeing was still up 16% this year as the company's fourth-quarter earnings report highlighted strong fundamentals and positive expectations surrounding the rollout of the 777X, its 747 replacement.

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Get the latest Boeing stock price here.
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