By Karen Langley
United Airlines shares are soaring.
The company's stock price was recently up 12% to more than $71, on pace for its highest close since the pandemic-induced selloff of February 2020.
The daily gain, which made United the top performer in the S&P 500, came after the airline reported a better-than-expected quarterly profit and said a glut of cheap flights had subsided.
United also said it would buy back $1.5 billion in shares. It suspended repurchases in 2020 when demand for travel suffered because of the pandemic.
Delta Air Lines and American Airlines shares joined the rally. The U.S. Global Jets exchange-traded fund rose more than 3%, putting it on track for its highest close since July 2023, according to Dow Jones Market Data.
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(END) Dow Jones Newswires
October 16, 2024 12:51 ET (16:51 GMT)
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