Airline Stocks Take Off After Strong United Forecast

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Stocks ended broadly higher on Wall Street, Wednesday, placing the market on pace to break a 3-week losing streak. The S&P 500 rose 71.68 points, or 1.8%, to 3,979.87. The Dow Jones Industrial Average rose 435.98 points, or 1.4%, to 31,581.28.The Nasdaq rose 246.99 points, or 2.1%, to 11,791.90. Small-company stocks outpaced the rest of the market. The Russell 2000 index of smaller companies rose 39.68 points, or 2.2%, to 1,832. Airlines did well after United raised its revenue forecast following a busy summer travel season, the AP reports.

Technology stocks and retailers made solid gains. Intuit rose 3.9%. Target rose 4.4% after announcing that it is dropping the mandatory retirement age for its CEO position, allowing CEO Brian Cornell to stay on for three more years. United Airlines rose 5.5%. The encouraging update on its revenue forecast helped several competitors take flight. American Airlines rose 5.1% and Delta Air Lines rose 3.4%. Energy stocks fell broadly as US crude oil prices slid 5.5%


Wall Street’s focus remains on inflation and the Fed’s attempt to rein in high prices by raising interest rates. The central bank has already raised interest rates four times this year and markets expect them to deliver another jumbo-sized interest rate increase of three-quarters of a percentage point at their next meeting in two weeks. “We are in this for as long as it takes to get inflation down,” Fed Vice Chair Lael Brainard said at a banking industry conference on Wednesday. “Our resolve is firm, our goals are clear, and our tools are up to the task.” (Read more stock market stories.)

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