Why Airline Shares Were Up Today
Shares of most airlines were in the green on Tuesday, a day when the S&P 500 fell more than 2%, on data indicating that Americans took to the skies over the Labor Day holiday.
Two leisure-focused discounters, JetBlue Airways (NASDAQ: JBLU) and Spirit Airlines (NYSE: SAVE), led the sector higher, climbing as much as 6.3% and 5.9%, respectively, in mid-day trading before giving back some of those gains as the day went on.
Airline stocks have had a difficult year in 2020, weighed down by the COVID-19 pandemic and its impact on travel demand. Second-quarter revenue for the industry was down 80% year over year, and the carriers do not expect much of a rebound until there is a vaccine.
Source Fool.com
