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Shares of travel stocks dropped rapidly this week as fresh COVID-19 concerns spread around the world and investors began wondering if the pandemic recovery could be slower than expected. It didn't help that the market overall was down and stocks that have performed well in recent months saw a general sell-off.
Airlines Azul S.A. (NYSE: AZUL) and Hawaiian Holdings (NASDAQ: HA) have fallen 11.3% and 9.8%, respectively, so far this week; Carnival (NYSE: CCL) (NYSE: CUK) dropped 9%; and Avis Budget Group (NASDAQ: CAR) was down 10.6%.