United Airlines Holdings (NASDAQ: UAL) beat expectations for the fourth quarter and provided an upbeat outlook for 2024. Investors reacted with a cheer, sending United shares up 10.1% at the open on Tuesday. They remained up nearly 7% as of 1:30 p.m. ET on Tuesday.

Airline investors have gone on a wild ride in recent years. The pandemic ground travel to a near halt, but consumers have rushed to airports since the great reopening, determined to make up for lost time. United and other airlines saw record volumes in 2022 and 2023.

The question now is what happens from here. Much of that pandemic-era pent-up demand is extinguished, and investors are worrying that a combination of rising inflation and economic uncertainty will eat into demand.

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Source Fool.com