UAL - Airline Stocks Cleared For Takeoff In 2024 But Economic And Consumer Confidence Clouds Gather | Benzinga
Cruise operators were the good news travel stocks of 2023 as holidaymakers put to rest the hardships of the Covid pandemic and climbed back aboard. Now in early 2024, it appears the airline stocks are here to join them.
Among the best performing stocks this week are American Airlines (NASDAQ:AAL), up 11% over the past week, United Airlines (NASDAQ:UAL), with weekly gains of 10.1%, Delta Air Lines (NYSE:DAL), climbing 9.2% and Southwest Airlines (NYSE:LUV) up 7.4%.
All four make up the biggest holdings in the U.S. Global Jets ETF (NYSE:JETS), an exchange traded fund that tracks the industry, and has risen 6% in the past week. During 2023, JETS climbed 11.6%, compared to the SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500 Index, which gained 24% during 2023.
Transportation Security Administration data from June indicated that summer air travel returned to its highest levels since 2019. This suggests that travelers weren’t put off by higher interest rates, and the airline industry returned ...