Airline stocks enjoyed another broad rally Tuesday, as data on airport travelers continued to show a steady increase in demand as COVID-19-related restrictions gradually ease. The U.S. Global Jets ETF (JETS) rose 2.0%, with 31 of 33 components gaining ground. The Transportation Security Administration (TSA) said that number of travelers going through its checkpoints reached 353,261 on Monday ( ), the most since March 22. The daily average for the week ended Saturday, May 30, was 293,144, the highest since the week ended March 15, which is before all the lockdowns took hold. The daily average for the week is now more than triple the low of 95,674 seen during the week ended April 18. "We expect trends to continue to improve as states ease stay at home restrictions and leisure activities resume," wrote Cowen analyst Helane Becker in a note to clients. "Airlines with whom we've spoken have seen modest green shoots with improvement coming in beach and mountain destinations." Among the more-actively traded airline stocks, American Airlines Group Inc. (AAL) gained 0.6%, United Airlines Holdings Inc. (UAL) rallied 1.5%, Delta Air Lines Inc. (DAL) advanced 1.0%, Southwest Airlines Co. (LUV) rallied 2.2% and Spirit Airlines Inc. (SAVE) climbed 2.7%. The Jets ETF has now run up 13.5% over the past month, while the S&P 500 has tacked on 8.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 02, 2020 14:58 ET (18:58 GMT)
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