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Airline Stocks Advancing After Upbeat United Airlines Traffic Report

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

Airline stocks are moving notably higher during trading on Tuesday, led by United Airlines parent UAL Corp. (UAUA), which is advancing amid news of a pickup in traffic.

The strength in the airline sector is reflected by the 3.7 percent gain currently being shown by the NYSE Arca Airline Index. With the gain, the index is recovering from its recent pullback, looking to close at a fresh two-year high.

UAL Corp. is turning in one of the sector's strongest performances, with the company's stock currently up 8.4 percent. With the gain, the stock has shot up to its best intraday price in just under two years.

The advance comes after United Airlines, a subsidiary of UAL, reported that its traffic for February grew 2.1 percent, while its load factor improved 5.7 points to 78.7 percent from 73.0 percent in February 2009.

Also within the sector, American Airlines parent AMR Corp. (AMR) is seeing a strong upward move, posting a gain of 8.6 percent and breaking out to its best intraday price in over a year.

US Airways Group Inc. (LCC) and Continental Airlines Inc. (CAL) are also moving notably higher, among others, further contributing to the strength in the sector.

Meanwhile, Ryanair Holdings (RYAAY) is bucking to uptrend in the sector, sliding by 0.6 percent and hitting its lowest intraday price in roughly three weeks.

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