On Monday, well-known investor Warren Buffett recently revealed he has purchased stock in airlines, a move that United Airlines CEO Oscar Munoz likened to a "Good Housekeeping seal of approval" for the industry and his company.
"It also provides what I call an anchor tenant in this industry and our stock," he said during a Tuesday interview on CNBC's "Closing Bell."
Buffett revealed that he has purchased a stake in the four major airline companies — American Airlines, United Continental Holdings, Delta Air Lines and Southwest Airlines. It is a reversal of a long-held stance for Buffett after an investment in US Airways in 1989 turned out to be a headache for the Berkshire Hathaway CEO.
News of Buffett's investment sent airline stocks sharply higher. The S&P airlines industry is up 4.9 percent week to date, while United Continental has risen 9.6 percent.
Regarding the impending Donald Trump presidency, Munoz said he is wait-and-see mode.
"We are very focused on running a great airline, but at the same time, we will obviously be monitoring and closely watching what this new administration might or might not do," he said.