JetBlue shares led the charge in airline stocks yesterday. The NYSE Arca Airline Index rose by 47.94 points on news of positive earnings for all US airlines and the announcement of the US-Japan open skies agreement. Trading in JetBlue shares were likely buoyed by JP Morgan upgrade to overweight from neutral last week. The financial-services firm also lowered its rating for Southwest Airlines to neutral from overweight, citing the stock’s price appreciation and integration risk as it closes a merger deal with AirTran Holdings.

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