Travel and Hotel Stocks Tumble Monday on Coronavirus Variant Fears
Video source: YouTube, CNBC Television By David Koenig Air travel in the United States hit another pandemic-era record over the weekend as vacationers jammed airports, but shares of airlines, cruise lines, hotels and almost anything else related to travel tumbled Monday on growing concerns about highly contagious coronavirus variants. The Transportation Security Administration said it screened more than 2.2 million people at airport checkpoints on Sunday, the highest number since early March 2020, when the pandemic was beginning to crush travel in the U.S. That topped a record set just two days earlier and was the fourth peak recorded in July. However, Sundays mark was still 18% lower than on the comparable Sunday in 2019, according to the TSA. But investors werent celebrating the latest evidence of a recovery in travel since vaccines against COVID-19 became widely available in the U.S. Stocks fell broadly the Dow Jones Industrial Average lost 2.1% on concern about rising infections in many countries, and airline and cruise line stocks were hit especially hard.
Travel and Hotel Stocks Tumble Monday on Coronavirus Variant Fears
Video source: YouTube, CNBC Television By David Koenig Air travel in the United States hit another pandemic-era record over the weekend as vacationers jammed airports, but shares of airlines, cruise lines, hotels and almost anything else related to travel tumbled Monday on growing concerns about highly contagious coronavirus variants. The Transportation Security Administration said it screened more than 2.2 million people at airport checkpoints on Sunday, the highest number since early March 2020, when the pandemic was beginning to crush travel in the U.S. That topped a record set just two days earlier and was the fourth peak recorded in July. However, Sundays mark was still 18% lower than on the comparable Sunday in 2019, according to the TSA. But investors werent celebrating the latest evidence of a recovery in travel since vaccines against COVID-19 became widely available in the U.S. Stocks fell broadly the Dow Jones Industrial Average lost 2.1% on concern about rising infections in many countries, and airline and cruise line stocks were hit especially hard.