Airline stocks closed higher for the second consecutive week on Friday after the US President Trump urged $25 billion in relief for the industry. Overall, the momentum for Airline shares remained bullish throughout last week. Trump said last Tuesday that Congress should quickly extend $25 billion in new payroll assistance to U.S. passenger airlines furloughing thousands of workers as air travel remains down sharply amid the coronavirus pandemic.
American Airlines (NASDAQ: AAL) and United Airlines (NASDAQ: UAL) shares surged more than 4% on Wednesday after Trump’s announcement of a stimulus aid. Both the companies recently announced they would begin furloughing over 32,000 workers as their pleas for additional bailout money went unanswered. On the other hand, JetBlue Airways (JBLU Stock Report) shares rose 7% higher and Delta Air Lines (DAL) climbed 3.5%.
“We will continue to encourage all parties to get back to the table and conclude a deal.” Nicholas Calio, CEO of Airlines for America said.
Recently Airline companies implemented a couple of measures that help protect their passengers as well as their workers to fight against the Covid-19, including reduced flight capacities to accommodate physical distancing measures, frequent disinfection, and temperature checks, etc.