Sector Snap: Airline shares mixed
Airline shares mixed, pulled between broad stock market rally and higher oil prices
NEW YORK (AP) -- Airline stocks were mixed Monday, unable to share in the rally on the broader market as higher oil prices hinted at rising jet fuel costs for the carriers.
The Amex Airlines Index rose 1.4 percent, with 10 of its 13 components higher in afternoon trading.
Airline shares lagged the broader market, where stocks hit a new high for the year, led by energy and materials stocks. The Dow Jones industrial average rose 171.86, or 1.7 percent, to 10,195.28 in afternoon trading.
But oil prices also rose, with benchmark crude for December delivery gaining 3 percent, or $2.35, to $79.78 a barrel. A tropical storm heading into the Gulf of Mexico, which is dotted with oil-producing platforms, helped push oil higher.
Shares of Southwest Airlines Co. gained 26 cents, or 3 percent, to $8.91; Continental Airlines Inc. rose 27 cents, or 2.1 percent, to $13.04; Delta Air Lines Inc. added 3 cents to $7.82; and American Airlines parent AMR Corp. ticked up 8 cents to $5.73.
United parent UAL Corp. shares fell 3 cents to $6.93; US Airways Group Inc. dipped a penny to $3.18; and JetBlue Airways Corp. dropped 8 cents to $5.16.
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