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Airline Stocks Rise After Trump Signs COVID Relief and Spending Package Bill

Sam Boughedda trader
Updated 28 Dec 2020

Practice Stock Trading

US equity markets are making gains on Monday with airlines among the strong performers following news that US President Donald Trump signed the coronavirus relief and spending package bill into law.

The bill provides airlines and other transportation with $27 billion in support.

Premarket on Monday has seen US airline stocks climb with the US Global Jets ETF (NYSEARCA: JETS) up 1.53%, Delta Airlines (NYSE: DAL) +1.81%, United Airlines (NASDAQ UAL) +1.71%, Southwest Airlines (NYSE: LUV) +1.53%, American Airlines (NASDAQ: AAL) +2.23%, and Alaska Air Group (NYSE: ALK) +2.39%.

Airlines have taken an enormous hit from the coronavirus pandemic, there is a case to be a long term bull in the sector, with the latest relief package for US airlines and vaccines being rolled out across North America and Europe.

While it will take time for the sector to get back to pre-pandemic levels, it does seem as though the fear of potential insolvencies is fading.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.