Stock Market Today, June 23: American Airlines Rallies After Jet-Fuel Price Drop Spurs Technical Breakout
American Airlines Group (NASDAQ:AAL), a major U.S. network carrier, closed at $16.14, up 0.37%. Lower jet-fuel prices and a technical breakout supported the shares, while investors are now watching earnings and guidance.
Trading volume reached 166.1 million shares, coming in about 118% above its three-month average of 76.1 million shares.
American Airlines Group IPO'd in 2005 and has fallen 16% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,365, down 1.44%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 25,587, down 2.21%. Among U.S. passenger air transportation peers, Delta Air Lines (NYSE:DAL) closed at $86.72, up 0.93%, and United Airlines Holdings (NASDAQ:UAL) closed at $121.55, up 2.42%, highlighting relative strength in airline shares despite weakness in the broader markets.
What this means for investors
Lower jet-fuel prices are helping sustain a surge in American Airlines’ shares. The stock has jumped 50% in the last three months and is trading just shy of its 52-week high.
Technical traders noted that the stock’s short-term moving average has crossed above its long-term moving average, a bullish “golden cross.”
It’s the industry fundamentals driving this, though. Investors will watch to see how well margins recover in the lower fuel-price environment. The stock could have more room to run if margin relief persists.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
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