Sector Snap: Airline stocks mostly up

posted: 1 DAY 15 HOURS AGO

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DALLAS -Shares of the leading U.S. airlines were mostly higher in midday trading Monday as the broader market wavered.

The Amex airlines index was recently up 1.5 percent, with nine of its 13 components higher.

The broader market started the day lower as investors worried about the pace of economic recovery, but stocks later regained some ground. By midday the Dow Jones industrial average was off less than 2 points at 10,011, after falling 78 points soon after the opening bell.

Oil prices, which slumped last week, rose 73 cents to $71.92 a barrel on the New York Mercantile Exchange. Higher oil prices are usually bad for airline stocks, because fuel prices are one of the industry's biggest costs.

In midday trading, shares of Delta Air Lines Inc., the world's largest carrier, were up 23 cents to $11.53; United Airlines parent UAL Corp. was up 47 cents, or 3.7 percent, at $13.25; and Continental Airlines Inc. gained 58 cents, or 3.3 percent, at $17.96.

American Airlines parent AMR Corp. was up 16 cents, or 2.2 percent, at $7.46; US Airways Group Inc. rose 17 cents, or 2.9 percent, to $6.06; and Southwest Airlines Co. added 7 cents to $11.36.

2010-02-08 12:33:49