Why Shares of American Airlines Flew Higher on Monday

Airline shares soared higher on Monday on another positive development in the race to produce a COVID-19 vaccine, and on data indicating a strong weekend for travel. American Airlines Group (NASDAQ: AAL) led the sector higher, closing up 8.2% for the day.

Airlines have been hard hit by the pandemic, which has caused travel demand to plummet. American and other carriers have raised billions in new liquidity to help weather the crisis, but there can be no recovery until the virus is under control.

For the third straight Monday, airline stocks were higher on positive vaccine news. This time it was a vaccine candidate from AstraZeneca and Oxford University that studies indicate is effective, meaning we now have three promising vaccine candidates to deploy against the virus.

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Source Fool.com