Airlines Surge Toward Best Week Ever, and Trump Needles Buffett
- S&P gauge of major carriers posts fifth straight day of gains
- American’s jump is sign bankruptcy fears waning, analyst says
A plane departs Reagan National Airport in Arlington, Virginia.
Photographer: Andrew Harrer/BloombergU.S. airline shares headed for a record weekly gain as investors bet that travel demand was poised to rebound.
American Airlines Group Inc. and United Airlines Holdings Inc. climbed for a fifth straight day on signs that passengers were returning after the Covid-19 pandemic devastated demand. Friday’s surge -- amid a broad rally on encouraging economic news -- was big enough to spur President Donald Trump to tease billionaire Warren Buffett for dumping airline shares.
“He’s been right his whole life, but sometimes even somebody like Warren Buffett -- I have a lot of respect for him -- they make mistakes,” Trump said in a White House news conference. He also touted a surprise gain in payroll jobs last month. “They should have kept airline stocks, because the airline stocks went through the roof today and others did too.”