Why Shares of Airlines Are Soaring Today

Airline stocks have been stuck on the tarmac for the last week or so, with investors waiting to find out if the industry would get the $50 billion in government assistance it has requested to help deal with the COVID-19 coronavirus travel slump. After days of uncertainty, Washington lawmakers today appeared to be finally closing in on passing an economic stimulus package, causing airline stocks to rapidly gain altitude.

Shares of Spirit Airlines (NYSE: SAVE) were up more than 38% on Tuesday morning, with shares of Delta Air Lines (NYSE: DAL), American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), and JetBlue Airways (NASDAQ: JBLU) all up more than 20%. Shares of Southwest Airlines (NYSE: LUV) and Hawaiian Holdings (NASDAQ: HA) were up by double digits.