Airline companies see gains they have been waiting for
Airline stocks have skyrocketed since U.S. Congress closed in on a massive stimulus bill in response to the coronavirus pandemic. Airline stocks have been falling for the past weeks as the companies await $50 billion in government aid to deal with the decline of travel. Trump vowed to offer full support for airlines, but he stopped short of completely endorsing an industry proposal for federal aid. “We’re going to back the airlines 100%,” Trump said at a press conference on Monday. “It’s not their fault”.
Airline stocks got hammered in the COVID-19 market crash as the virus had a negative effect of ticket sales, companies had to ground fleets by the hundreds. Shares of Spirit Airlines (SAVE) have risen 37.6% on the stock market today. That compared to gains of 35.8% for American Airlines stock, 21% for Delta Air Lines stock, 25.7% for United Airlines (UAL), 20% for Alaska Air (ALK) and 37% for JetBlue (JBLU). Shares of Southwest Airlines (LUV) and Hawaiian Holdings (HA) also climbed 11.7% and 16%, respectively.