Why Airline Shares Flew Through Turbulence Today
It's been a tough year for airline investors, with the stocks rocked earlier in the year by the COVID-19 pandemic and swinging higher and lower in the months that have followed on news about the pandemic and its economic impact.
Friday was a microcosm of the last six months, with the airlines falling sharply in the morning and then rallying midday. The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%.
For the airlines right now, all eyes are on Washington. The industry has seen revenue evaporate due to the pandemic, but airlines have avoided bankruptcy in part thanks to $50 billion in government support provided by the CARES Act.
Source Fool.com
