Mahmoud Hosseini/picture alliance via Getty Images

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

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

CBS News reported that US officials were confident that an Iranian missile shot down the plane. US intelligence detected anti-aircraft radars turning on before the crash, and US satellites detected two infrared blips, thought to be surface-to-air missiles, followed by a third blip, likely the plane explosion, sources told CBS News.

President Donald Trump echoed the theory, saying on Thursday that he didn'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." He added: "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 said the cause was unknown and under investigation.

The plane crashed minutes after taking off in Iran early Wednesday, killing all 176 people on board. Hours earlier, 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 last week.

Boeing shares sank on Wednesday following the reports of the crash, 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 the controversy surrounding its 737 Max jet, the successor to the 737-800. The model was involved in two fatal crashes, in late 2018 and early 2019, prompting its international grounding, several congressional hearings, and the firing of Boeing CEO Dennis Muilenburg.

Several Wall Street analysts have said the pause in 737 Max production could 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 on 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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