Why Airline Stocks Are Flying Higher Today
Airline stocks are rocketing higher on Tuesday morning, joining in a broader market rally as investors celebrate signs economic activity is returning to normal and promising developments in the race for the COVID-19 vaccine.
Shares of Spirit Airlines (NYSE: SAVE) led the way, up more than 14% as of 10 a.m. EDT, with shares of Southwest Airlines (NYSE: LUV), United Airlines Holdings (NASDAQ: UAL), Delta Air Lines (NYSE: DAL), American Airlines Group (NASDAQ: AAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), and Hawaiian Holdings (NASDAQ: HA) all up double digits.
Airlines have been hit hard by the COVID-19 pandemic, with global travel demand reduced to nearly zero. The carriers have responded by slashing schedules, grounding planes, and cutting costs, with many major airlines flying only about 5% of their original schedules in May.
Source Fool.com
