New York (CNN Business) The latest bad news for Boeing arrived on Wednesday afternoon. The United States joined other countries and grounded its 737 Max planes.

Boeing BA Shares offell 3% immediately after President Donald Trump announced the move from the White House.

The shares then rebounded in a sign that the grounding had been largely priced in to Boeing's stock. But even after ending Wednesday slightly higher, the stock is still down more than 10% since the crash, wiping more than $25 billion off the company's market value.

The US grounding comes after two fatal crashes in the last five months involving the 737 Max 8 jet. A Lion Air flight crashed in Indonesia in October, and an Ethiopian Airlines plane crashed on Sunday. Neither of the crashes left any survivors.

Investigators are still looking into the cause of both crashes.

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