Why Airline Stocks Are Gaining Altitude Today

The airline sector, which has been hard hit by a COVID-19 coronavirus-related travel slump, got a boost Friday morning after a key administration figure pledged to support the industry during this downturn. Shares of Hawaiian Holdings (NASDAQ: HA) and Delta Air Lines (NYSE: DAL) were both up more than 10% Friday morning, and shares of JetBlue Airways (NASDAQ: JBLU), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and United Airlines Holdings (NASDAQ: UAL) all spiked higher at the open.

Airline stocks have been on a downward trajectory for much of the last few weeks as near-term travel demand has all but evaporated and with bookings for key travel seasons including Easter, spring break, and summer all on the decline. Corporate travel has also dried up as many large businesses have prohibited nonessential travel and have called off major conferences.

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