Sector Snap: Airline stocks rise

AP News
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Posted: Nov 11, 2009 5:18 PM

Airline stocks rose strongly on Wednesday, swept higher by a rally in the broader markets in light trading on the Veterans Day holiday.

The Dow Jones industrial average rose 44 points, its sixth straight gain, and briefly touched a 13-month high. Investors were encouraged by economic figures from China that could indicate the global economy may be improving. The Nasdaq and other broad indexes also moved higher.

Oil prices rose too, with benchmark crude for December delivery gaining 23 cents to $79.28 a barrel, but that didn't dampen the enthusiasm for airline stocks.

The Amex Airlines Index jumped 2.7 percent, 11 of its 13 components higher at day's end.

Shares of United Airlines parent UAL Corp. gained 60 cents, or 9 percent, to $7.30; US Airways Group Inc. picked up 17 cents, or 5.6 percent, to $3.23; Southwest Airlines Co. rose 48 cents, or 5.4 percent, to $9.43; Continental Airlines Inc. added 65 cents, or 5.1 percent, to $13.50; American Airlines parent AMR Corp. gained 27 cents, or 4.8 percent, to $5.86; and Delta Air Lines Inc. rose 20 cents, or 2.6 percent, to $7.93.

Among the low-cost carriers, JetBlue Airways Corp. gained 19 cents, or 3.7 percent, to $5.35; AirTran Holdings Inc. added 15 cents, or 3.3 percent, to $4.68; and Alaska Air Group Inc. rose 88 cents, or 3.1 percent, to $29.40.