Airline stocks enjoyed broad gains Friday, with the U.S. Global Jets ETF (PSE:JETS) rallying to levels not seen since before COVID-19 was declared a pandemic, amid hopes that the recovery could be stronger than anticipated. The Jets ETF surged 2.9% in afternoon trading toward the highest close since Feb. 27. Among the more-active airline stocks, United Airlines Holdings Inc. (NAS:UAL) jumped 6.6% to lead the group, and American Airlines Group Inc. (NAS:AAL) was next with a 5.1% rally toward the highest close since June 8. Delta Air Lines Inc.'s stock (NYS:DAL) rose 3.5%, and was headed for the highest close since March 4. The stocks of JetBlue Airways Corp. (NAS:JBLU) hiked up 3.5% and Southwest Airlines Co. (NYS:LUV) advanced 2.4%, with both headed for the highest closes since late February. The World Health Organization had declared COVID-19 a pandemic on March 11. Separately, shares of travel services software and technology company, which supports airline operations, soared 14.4% toward a one-year high, after Deutsche Bank analyst Ashish Sabadra turned bullish. Among reasons for his upgrade, "the pent-up demand for travel could potentially drive faster recovery than prior recessions." The Jets ETF has has run up 18.1% over the past three months while the S&P 500 (S&P:SPX) has gained 9.3%.
Feb. 19, 2021, 1:48 p.m. EST