Boeing shares jump following reports that an Iranian missile caused a fatal 737 crash - bucking claims that a technical issue downed the jet

• Boeing stock jumped as much as 3% Thursday after reports claimed an Iranian missile downed Ukraine International Airlines Flight 752 on Wednesday.
• The Ukrainian Embassy in Iran initially attributed the 737-800 crash to a technical issue, but later pulled the statement, saying the cause was unknown and under investigation.
• Boeing stock tanked Wednesday following first reports of the crash and technical issues, wiping out as much as $4.3 billion in market value.
• Watch Boeing trade live here.

Boeing stock traded as much as 3% higher Thursday after reports claimed an Iranian missile downed Ukraine International Airlines Flight 752 on Wednesday, challenging the previous theory that a technical issue caused the crash.

Pentagon officials told Newsweek that the missile strike is believed to be an accident, as Iranian anti-aircraft systems were likely active when the Ukraine International Airlines Boeing 737-800 took off.

CBS News reported that US officials are confident Iran shot down the plane. US intelligence detected anti-aircraft radars turning on before the crash, as well as two infrared blips representing surface-to-air missiles, according to CBS News. A third blip likely represented an explosion.

President Trump echoed the theory, saying Thursday that he doesn't believe a technical malfunction downed the jet, according to CNBC.

"It was flying in a pretty rough neighborhood," the president said. "Someone could have made a mistake. I have a feeling that - it's just some very terrible, something very terrible happened, very devastating."

The Ukrainian Embassy in Iran initially attributed the crash to a technical issue, but later pulled the statement, saying the cause was unknown and under investigation.

The plane crashed minutes after takeoff in Iran early Wednesday, killing all 176 passengers on board. The crash arrived shortly after Iranian forces launched more than 12 missiles at bases housing US forces in Iraq to retaliate against a US drone strike that killed Iranian Maj. Gen. Qassem Soleimani on January 2.

Boeing shares sank following reports on Wednesday of a technical issue with the 737 jet involved, erasing as much as $4.3 billion in market value. The shares have since recovered from the Wednesday tumble.

The jet manufacturer remains bogged down in controversy surrounding its 737 Max jet, the successor to the 737-800. The model was involved in two fatal crashes between late 2018 and early 2019. Scrutiny around the crashes prompted the model's international grounding, several congressional hearings, and the firing of Boeing CEO Dennis Muilenburg.

Several Wall Street analysts even said the pause to 737 Max production would pull US gross domestic product lower in the first quarter of 2020. Boeing is looking to regain regulatory approval for the jet and continue production.

Boeing traded at $336.55 per share as of 1:30 p.m. ET Thursday, up roughly 3% year-to-date.

The plane manufacturer has 10 "buy" ratings, 16 "hold" ratings, and three "sell" ratings from analysts, with a consensus price target of $364.70, according to Bloomberg data.

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