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Airline-stock investors endured a bumpy ride to start the year. Things are a bit smoother now.
The airline sector is buzzing, after the consumer price index (CPI) for July showed fares rose 4% last month , in stark contrast to June's 0.1% tumble.
Shares in United Airlines (UAL 9.66%) had soared by 9.4% as of 1 p.m. ET today. It may seem odd that shares in network carriers like United are soaring after another airline, Spirit Airlines, released an SEC filing warning that it has doubts about being able to stay in business, but that's probably the reason for the surge in United and others like Delta and American Airlines.
Airfares increased 4% month over month in July after five straight monthly declines.
Thousands of US air passengers were facing delays Wednesday after United Airlines halted many departures in the wake of a systemwide problem.
United Airlines grounded hundreds of flights due to a technology issue late Wednesday, causing delays and cancellations into Thursday morning.
According to FlightAware data, nearly 1100 United Airlines flights faced delays on Wednesday, which is 35% of the carrier's scheduled flights for the day. In addition to this, 157 United flights were canceled.
A technical issue forced the grounding of hundreds of United Airlines flights late Wednesday, snarling airports amid the busy summer travel season.
The FAA issued ground stops at several United hubs Wednesday evening.
Executives and officers at United Airlines, Charles Schwab, NXP Semiconductors and Celsius Holdings were among company insiders who filed some notable stock sales with the U.S. Securities and Exchange Commission last week. Moves by execs may be followed by investors who are trying to gain insight on the companies.