Sector Snap: Airline shares rise
NEW YORK (AP) - Airline stocks rose Friday as oil prices
tumbled, easing the carriers' fears over jet fuel costs.
The broader market also gained, as investors shrugged off
another rise in the national unemployment rate, which the
government said Friday broke above 10 percent last month for the
first time in 26 years.
The Dow Jones industrial average inched higher by 17.46, to
10,023.42.
NYSE:AMR Updated: 16:00 ET 5.56 Unchg |
NYSE:CAL Updated: 16:01 ET 13.25 -0.07 |
But airline stocks may have gained more from the drop in oil
prices. Benchmark crude for December delivery dropped by $2.19, to
$77.43 per barrel on the New York Mercantile Exchange.
The Amex Airline Index rose 4.4 percent, with all 13 of its
component stocks closing higher.
Shares of Continental Airlines Inc. rose $1.03, or 8.8 percent,
to $12.77; Delta Air Lines Inc. shares gained 46 cents, or 6.3
percent, to $7.79; United parent UAL Corp. added 44 cents, or 6.8
percent, to $6.96; American Airlines parent AMR Corp. rose 23
cents, or 4.2 percent, to $5.65; Southwest Airlines Co. increased
29 cents, or 3.5 percent, to $8.65; and US Airways gained 24 cents,
or 8.1 percent, to $3.19.
11/06/09 20:13
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