(Bloomberg) — US airline stocks weathered a domestic travel slowdown and geopolitical turmoil to record their first yearly gain since 2019, capping a hard-fought rebound from when the pandemic grounded aircraft and pummeled the industry.
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The S&P Supercomposite Airlines Industry Index advanced 6.4% in 2023, its best annual performance since rising 12% four years ago. SkyWest Inc. leads the nine-member gauge with a 216% surge, followed by 20% pops from Delta Air Lines Inc. and Allegiant Travel Co.
The swing back to positive performance reflects consumers’ persistent demand for experiences despite the looming threats that elevated interest rates would rein in discretionary spending and conflict in the Middle East would exacerbate oil volatility. Record holiday travel has helped to brighten the financial outlook for the industry, with Delta, JetBlue Airways Corp. and Southwest Airlines Co. all making note of…
