Virgin Galactic gets FAA approval to send passengers into space

Virgin Galactic finally has the federal government's approval to start launching customers into space from New Mexico.

Richard Branson's rocket-ship company announced the Federal Aviation Administration's updated license on Friday. It's the final hurdle in Virgin Galactic's yearslong effort to send paying passengers on short space jaunts. Virgin Galactic shares shot up 36% on news of the FAA's approval, hovering around $55 by late morning. The company is working toward three more space test flights, with one scheduled for this summer. The original plans called for Branson to board a test flight later this year, with flights for paying customers becoming available next year.