By Esha Dey (Bloomberg) —
U.S. airlines stocks sank on Thursday after United Airlines said that travel demand was “essentially zero,” and showed no signs of improving in the near term.
- The S&P Supercomposite Airlines Industry Index (S15AIRL) dropped as much as 7.6%, while the S&P 500 Index fell 0.7%
- Biggest decliners on the airline index included UAL, AAL, HA, ALK, DAL
- Airlines have been one of the hardest hit sectors amid the coronavirus pandemic that has led to intensive lockdowns in several countries and decimated travel demand
- The S15AIRL index is down 57% since mid-February when the market meltdown in the U.S. took hold; the SPX is down about 18% over the same period
- NOTE: April 15, Airlines Erase Bailout-Fueled Gains as Enthusiasm Wanes