Sector Snap: Airlines gain back some losses

By Associated Press
June 24, 2009 | Comments (0)

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Investors on Wednesday picked up airline shares pushed down by a two-day sell-off.

The broader stock market rose, with investors upbeat about a Commerce Department report saying durable goods orders rose 1.8 percent in May. Economists surveyed by Thomson Reuters expected a drop.

The Amex Airline Index rose 2.6 percent in midday trading, with all 13 component stocks higher.

The price of a barrel of crude oil rose 31 cents to $69.55 on the New York Mercantile Exchange. Jet fuel is one of the airlines' biggest expenses.

AMR Corp., parent of American Airlines, rose 12 cents, or 3.2 percent, to $4.08. Continental Airlines added 44 cents, or 5.4 percent, at $8.51. Delta Air Lines gained 17 cents, or 3.2 percent, at $5.57. US Airways rose 2 cents to $2.19. UAL Corp., parent of United Airlines, picked up 4 cents at $3.24.

Southwest Airlines added 6 cents at $6.31. JetBlue Airways rose 20 cents, or 5.2 percent, to $3.98. AirTran gained 23 cents, or 4.4 percent, at $5.52. Alaska Air picked up 28 cents at $16.79.

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