A barrel of oil gained 27 cents to $58.95 on the New York Mercantile Exchange. The previous day, prices slid $2.35 to $58.68, amid rising supplies and slack demand. Airline shares are highly sensitive to oil prices, as jet fuel is among the industry\'s biggest costs.
The nation’s largest airlines recorded a higher rate of on-time flights and a lower rate of cancellations this past August than in either the previous month or August of last year, according to the Air Travel Consumer Report released today by the U.S. Department of Transportation (DOT).
Airlines stocks jumped in Tuesday midday trading, as oil prices slid below $60 per barrel and the industry began its run of September traffic reports with stronger figures.
The Amex Airline Index was up almost 1 percent, with six of its 10 component stocks marking gains. It\'s gained nearly 2 percent since Sept. 1. Helping shares was a barrel of oil falling 88 cents to $62.03 on the New York Mercantile Exchange.
Airline shares were mixed in Monday midday trading, with stocks of big carriers rising and shares of many smaller regional carriers falling. The Amex Airline Index was up almost 1 percent, with six of its 10 component stocks marking gains. It's gained nearly 2 percent since Sept. 1.
Airline shares rose in afternoon trading Friday, as oil prices fell nearly $1 per barrel. The Amex Airline Index gained almost 1 percent, with nine of 10 component stocks rising. The index is up about 3 percent since the month began.
