Why Airline Shares Are Higher Today

Airlines continue to add flights despite a growing number of COVID-19 cases, suggesting that they continue to see pent-up demand for travel. That, coupled with some positive news concerning the development of a COVID-19 vaccine, was enough to point airline shares higher at the open on Wednesday.

Shares of United Airlines Holdings (NASDAQ: UAL) jumped 10% at the open, while shares of American Airlines Group (NASDAQ: AAL) and Spirit Airlines (NYSE: SAVE) opened up 9% apiece and Delta Air Lines (NYSE: DAL) and JetBlue Airways (NASDAQ: JBLU) were each up 6% apiece.

The stocks all gave back some of their gains as the morning went on, but investors on Wednesday are looking for reasons to feel positive about what has been a beaten-down sector due to the pandemic.

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Source Fool.com