Airlines gain as the traveling restrictions ease.
Yesterday was a day of records for American Airlines. It is well-known that, due to travel restrictions, the airline sector suffered badly. But as the limits ease, the airlines are resuming their activity.
The American based company announced that starting next month, it will increase its flight capacity to the U.S. The news made the stock price go up more than 40% - the highest one-day gain since December 2013. The previous record was established on March 24, 35.8%, when it was expecting the government's stimulus package.
Starting July, the company will fly at 55% the domestic capacity it had in July 2019, and at 20% of the 2019 level. At a management level, it dismissed 14 officers.
Moreover, the data provided by the International Air Transport Association (IATA) shows that the number of daily flights increased by 30% between April 21 and May 27.
This week, the stock price increased by 59.4%, while Jets ETF reached a three-month high of 11.6%, while USA30 is at 3.5%. Among the airlines that gained are Delta Air – 13.7%,JetBlue Airways – 15.5%, and Southwest Airlines– 5.1%.
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Sources: reuters.com, marketwatch.com
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