Airline stocks enjoyed broad gains Friday, with the U.S. Global Jets ETF (JETS) rallying to levels not seen since before COVID-19 was declared a pandemic, amid hopes that the recovery could be stronger than anticipated. The Jets ETF surged 2.9% in afternoon trading toward the highest close since Feb. 27. Among the more-active airline stocks, United Airlines Holdings Inc. (UAL) jumped 6.6% to lead the group, and American Airlines Group Inc. (AAL) was next with a 5.1% rally toward the highest close since June 8. Delta Air Lines Inc.'s stock (DAL) rose 3.5%, and was headed for the highest close since March 4. The stocks of JetBlue Airways Corp. (JBLU) hiked up 3.5% and Southwest Airlines Co. (LUV) advanced 2.4%, with both headed for the highest closes since late February. The World Health Organization had declared COVID-19 a pandemic on March 11 ( ). Separately, shares of travel services software and technology company, which supports airline operations, soared 14.4% toward a one-year high, after Deutsche Bank analyst Ashish Sabadra turned bullish ( ). Among reasons for his upgrade, "the pent-up demand for travel could potentially drive faster recovery than prior recessions." The Jets ETF has has run up 18.1% over the past three months while the S&P 500 has gained 9.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 19, 2021 13:48 ET (18:48 GMT)
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