Wall Street Cheers as Holiday Travel Surge Bolsters Airline, Cruise Stocks
In an auspicious turn for the travel sector, a surge in holiday travel, particularly around Thanksgiving — America's busiest travel period — has catalyzed a notable uptick in airline and cruise line stocks on Wednesday.
Airlines companies, including $United Airlines(UAL.US$ , $American Airlines(AAL.US$ , and $Delta Air Lines(DAL.US$, were all trading higher at 2.6%, 2.9%, and 1.56%, respectively, on Wednesday afternoon amid investor enthusiasm.
The only airline stock with significant news driving the rally was United Airlines. The Wall Street Journal reported that UAL is considering the use of passenger data to sell targeted ads.
Cruise stocks $Carnival(CCL.US$ , $Norwegian Cruise(NCLH.US$ , and $Royal Caribbean(RCL.US$ were also each solidly in the green.
This year's Thanksgiving travel season -- extending from Nov. 17 to Nov. 28 -- is not just a busy period, but will likely be a record-breaking one. The U.S. Transportation Security Administration (TSA), which runs U.S. airport security checkpoints, has already reported some of the busiest days in its history so far in 2023.
Meanwhile, auto club AAA predicts more than 55 million travelers will hit the roads or skies during the Thanksgiving period. Notably, more than 49 million people are expected to travel by car.
The U.S. Federal Aviation Administration is forecasting a peak of 49,606 flights on Wednesday, November 22.
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