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Tag: Thanksgiving holiday

  • 1 day, 3 million U.S. fliers: As holiday record breaks, more jam-packed travel is in the offing

    1 day, 3 million U.S. fliers: As holiday record breaks, more jam-packed travel is in the offing

    Nearly 3 million people boarded flights in the U.S. on Sunday as American air travel continued to surge at a record pace, surpassing pre-pandemic numbers, according to Transportation Security Administration statistics.

    TSA screened 2,907,378 people traveling through U.S. airports, the highest single-day number ever. Air travel has taken three years to surpass the heights reached in 2019, before the COVID-19 pandemic.

    “Wherever we land [on a final number], we’re fully back to the year-over-year increase we were seeing before the pandemic,” a TSA official said.

    During the 2019 Thanksgiving weekend, nearly 2.9 million passengers flew in a single day. Even before Sunday, that record was broken this year, with the previous busiest day occurring on June 30, the Friday before the Fourth of July holiday.

    Since TSA’s inception in 2001, passenger volume consistently increased by more than 4% yearly until January 2020, when travel numbers plummeted due to the pandemic. Officials said the numbers had modestly increased over the last three years.

    During the early months of the pandemic, airline travel nearly ground to a halt, forcing carriers to lay off or furlough thousands of workers. As of September, the U.S. airline industry employs nearly 808,000 full- and part-time workers, surpassing pre-pandemic levels by 8.7%, according to federal data.

    Airlines for America, a trade group for all major U.S. air carriers, said airlines have worked for months to ensure they would be prepared for the high volume of travel for this year’s holiday season. Airlines have continued aggressively hiring, adjusting schedules and improving communication with passengers to combat the increased demand for air travel, according to the group.

    John Heimlich, an economist for Airline for America, said the group predicted early in the pandemic that it would take until 2023 before the industry returned to pre-pandemic volumes. He said the industry is on track to surpass the 2019 number and anticipates further growth in 2024, albeit at a slower rate.

    Los Angeles International Airport also saw its busiest Thanksgiving holiday travel period since 2019, as it welcomed 2.46 million travelers over the last week and a half. Officials said several days saw more than 220,000 passengers move through the terminals.

    Of the 51,332 scheduled flights across the country Sunday, fewer than 0.5% were canceled, according to flight tracker Flight Radar 24.

    AAA predicted that 4.7 million people would fly over the Thanksgiving holiday period, the highest number of Thanksgiving air travelers since 2005 — a 6.6% increase compared with 2022.

    “I’m optimistic that what we saw over Thanksgiving is emblematic of the kind of demand we’ll see this winter,” Heimlich said. The demand “is going to be very strong.”

    Anthony De Leon

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  • Stock market news today: US stocks tread water on shortened trading day, Bitcoin soars

    Stock market news today: US stocks tread water on shortened trading day, Bitcoin soars

    US stocks were mixed on Friday amid a low-volume day of trading following the Thanksgiving holiday.

    Less than an hour before the close, the Dow Jones Industrial Average (^DJI) moved up about 0.2%, or more than 50 points, while the benchmark S&P 500 (^GSPC) hugged the flatline. The tech-heavy Nasdaq composite (^IXIC) lagged, falling about 0.2%.

    Retailers outperformed the broader market as Black Friday kicks off the holiday shopping season. The S&P retail sector (XRT) ticked up about 0.4% as companies like Home Depot (HD) and Best Buy (BBY) gained in the session.

    Big box chains such as Target (TGT) and Walmart (WMT) also moved higher, despite warning that penny-pinching consumers are spending cautiously. Retailers are going earlier and longer on holiday promotions as shoppers turn picky.

    Amazon (AMZN), meanwhile, traded flat as the the company prepares to debut the first-ever NFL Black Friday game in a bid to capture more viewers, lure in holiday shoppers, and attract higher-paying advertisers.

    Read more: 6 ways to save money on your Black Friday shopping list

    Discord at OPEC+ kept a lid on crude prices after the group of oil-producing countries said it will hold its next meeting online. The meeting to discuss output was delayed due to a dispute between Saudi Arabia and African members over quotas, Bloomberg reported.

    Brent crude futures (BZ=F) ticked lower to trade below $82 per barrel, after falling 1.3% in the last two sessions. West Texas Intermediate (WTI) crude futures were down about 1% to trade at just above $76 a barrel, after the Thanksgiving break in trading.

    Nvidia’s (NVDA) stock dropped about 1.5% after Reuters reported the company has pushed back the launch in China of an AI chip designed to comply with US export curbs. In its earnings this week, Nvidia noted the new US restrictions would drag on its results.

    Cryptocurrencies saw a big boost with Bitcoin (BTC-USD) rallying to trade above $38,000 a coin at one point in the shortened holiday trading session— its highest level since May 2022. Shares in crypto broker Coinbase (COIN) also moved higher on the news, up about 6%.

    Tesla (TSLA), another leading ticker on the Yahoo Finance homepage, climbed more than 1% higher after CEO Elon Musk said it is “insane” how a strike that started with seven repair shops has started to spread in the country of Sweden, with postal workers now refusing to deliver to Tesla offices.

    The strike comes after Shawn Fain, president of the United Auto Workers union, aims to target Tesla next.

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