Airline stocks flew higher at the open on Wednesday after the industry secured agreements with the Treasury Department for the first tranche of bailout funds, providing reassurance to investors worried the airlines could end up bankrupt due to the COVID-19 pandemic.
Shares of JetBlue Airways (NASDAQ: JBLU) opened the day up 11.5%, while shares of American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) were both up more than 5% at the opening bell.
The stocks later gave back some of those gains, but the entire industry -- including Delta Air Lines (NYSE: DAL), Southwest Airlines (NYSE: LUV), Alaska Air Group (NYSE: ALK), Hawaiian Holdings (NASDAQ: HA), Allegiant Travel (NASDAQ: ALGT), and Spirit Airlines (NYSE: SAVE) -- was holding up well on a down day for broader markets.