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'The Dow Itself Will Be Under Pressure' Because of Boeing, Says Kenny Polcari

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Real Money's Stock of the Day Boeing's (BA) - Get Free Report dragging the Dow down Monday morning after a second Boeing 737 MAX 8 jet crashed in Ethiopia over the weekend. 

Kenny Polcari, managing principal at Butcher Joseph Asset Management, broke down why the Dow would have opened in the green if it hadn't been for the impact of Boeing as the company's shares tumble. 

Polcari said that Boeing is dragging the Dow down because it makes up for 11% of the market index. 

"The Dow itself will be under pressure" because of Boeing, Polcari said. 

Monday morning, China's aviation regulator grounded all Boeing 737 MAX 8 jets operated by its airlines, about 100 aircraft, following a crash of one of the planes that killed all 157 on board.

The Ethiopian Airlines flight - en route to Nairobi, Kenya from Addis Ababa, Ethiopia -- took off Sunday morning and lost contact with air traffic controllers minutes later.

Indonesia followed China and ordered all 737 MAX 8 jets to be grounded before the market opened on Monday. 

The crash was the second 737 MAX crash since last year. In October, a Lion Air flight crashed in Indonesia.

Related. Defense Stocks May Have Bumpy Ride Amid Boeing News: Market Recon

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