US stock markets continued to rise for a second straight day after Delta Air Lines and other travel companies posted impressive gains.
Shares in the airline and travel sectors recovered after recent losses due to geopolitical tensions in the Middle East, as well as a surge in energy prices.
Delta shares rose more than 6% and American Airlines Group jumped 3.5% after both companies raised their earnings guidance for the current quarter.
In addition, United Airlines shares rose 3.2%, Norwegian Cruise Line Holdings rose 2% and Expedia Group gained more than 4%.
In terms of the performance of the major indices, the Dow Jones rose 0.10% to 46,993.26 points, the S&P 500 rose 0.25% to 6,716.09 points, while the Nasdaq Composite added 0.47% to 22,479.53 points.
Meanwhile, concerns about a prolonged supply disruption due to the closure of the Strait of Hormuz shipping route have kept crude prices above $100 a barrel.
Rising oil prices have been a key focus for Federal Reserve policymakers as they try to balance inflationary pressures with early signs of a slowdown in the labor market.
The central bank began a two-day monetary policy meeting on Wednesday.
Investors expect the Fed to keep borrowing costs unchanged when it announces its decision on Wednesday.
According to LSEG data, the market now expects only one 25-basis-point rate cut by the end of the year, compared with two cuts expected before the war broke out.
Volume on US exchanges was $16.9 billion in shares, compared with an average of $19.8 billion over the previous 20 sessions.
