Friday May 2, 08:23 PM
Airline sector drops for first time in 7 sessions as crude prices bounce
NEW YORK (Thomson Financial) - Shares of airline companies fell Friday for the first time in seven sessions, as a Turkish air raid in Northern Iraq sparked concerns over oil supplies and sent crude futures prices sharply higher.
The Amex Airline Index dropped 3.3% to 23.96, after rising 24% over the previous 6 sessions.
The airline sector tracker hit a high of $24.99 in intraday trading, the highest level seen since April 15.
June crude oil futures shot up $3.88 to $116.40 a barrel, after falling $6.23 over the previous 3 sessions. The Turkish military said Friday that its warplanes bombed Kurdish rebel targets in northern Iraq. The White House endorsed the air strike as they targeted 'terrorists.'
Among some of the more-active air carrier stocks, AMR Corp (NYSE: AMR - news) . slumped 7.2% to $9.19, Continental Airlines (NYSE: CAL - news) gave up 4% to $18.48, Southwest Airlines (NYSE: LUV - news) shed 1.6% to $13.30, Delta Air Lines lost 5.8% to $8.32, US Airways declined 8.5% to $8.56 and JetBlue Airways (NASDAQ: JBLU - news) slid 4% to $4.85.
Tomi Kilgore
tk1
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