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Airline shares rise sharply as oil prices fall, easing fears over jet fuel costs
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NEW YORK - 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.
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.
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