United Airlines was the best-performing stock in the S&P 500 on Wednesday after the carrier's executives said the airline industry had reached a long-awaited "inflection point," supporting the company's rosy business outlook.

The Dow Jones U.S. Airlines Index (DJUSAR) and the U.S. Global Jets ETF (NYSEARCA:JETS) both hit new highs in early trading on Wednesday after United Airlines (NASDAQ:UAL) topped expectations with its Q3 earnings report and announced a new $1.

United Airlines shares are soaring. The company's stock price was recently up 12% to more than $71, on pace for its highest close since the pandemic-induced selloff of February 2020. The daily gain, which made United the top performer in the S&P 500,