Nasdaq Today: Booking Holdings, United Lead Travel Stocks Higher
Tuesday morning brought a big upward move to the stock market, largely in response to growing optimism about the reopening of the U.S. economy as fears about the coronavirus pandemic seem to be subsiding. The Nasdaq Composite (NASDAQINDEX: ^IXIC) lagged somewhat behind broader market benchmarks, but it was still up 0.7% shortly before noon EDT. The Nasdaq 100 Index of larger Nasdaq-listed stocks was up a more modest 0.4%.
Many of the industries that have taken the biggest lumps during the coronavirus bear market were among today's best performers, and that was especially true among travel stocks. United Airlines Holdings (NASDAQ: UAL) led the way higher with a 13% gain, the biggest of any Nasdaq 100 stock Tuesday morning. Booking Holdings (NASDAQ: BKNG) managed a gain of 5%, with some smaller online travel portals seeing even larger gains on a percentage basis.
The gain in United and many of its airline peers would make many investors think that air travel had returned to normal. That's far from the case, and even as various parts of the country reopen their doors to business activity, the demand to go from place to place by air is likely to remain constrained for several months more.
Source Fool.com