Why United Airlines Stock Was Slipping Today
Shares of United Airlines (NASDAQ: UAL) were sliding today after the airline grounded 25 planes due to missed inspections. The travel stock might also be responding to expectations that the Federal Reserve will raise interest rates by 75 basis points later today as rising interest rates bode poorly for the travel sector.
As of 12:33 p.m. ET on Wednesday, the stock was down 2.8%.
Yesterday afternoon, the Federal Aviation Administration (FAA) said that the airline had canceled flights because it had neglected to do required inspections on the wings of 25 Boeing 777-200 jets.
Source Fool.com
