NEW YORK (TheStreet) -- Shares of Delta Air Lines Inc. (DAL) closed up 1.59% to $43.37 today after the U.S. and China extended the validity of business and tourist visas from one year to 10, the longest allowed under U.S. law, in a move the White House said would inject billions of dollars into the economy, Bloomberg reports.
Delta CEO Richard Anderson praised President Obama today for reaching an agreement with China.
"This agreement between the U.S. and China to extend short-term visas for travelers between the U.S. and China will provide a significant economic boost to the U.S., and is expected to create hundreds of thousands of jobs nationwide," Anderson said, adding "China is becoming an increasingly important travel and tourism partner with the U.S., and this is an essential step in ensuring that the U.S,. receives the economic benefits."
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Delta, the third-largest U.S. airline, currently derives 1.6% of its $33 billion in annual passenger revenue from China, Delta told the Journal, but it has high hopes for the market, and last year carried about 1,200 passengers a day in each direction between the U.S. and China, up 55% since 2011.
Separately, TheStreet Ratings team rates DELTA AIR LINES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: