NEW YORK (AP) — Airline stocks, which rallied strongly earlier this week, were mixed in Friday trading as oil prices surged, raising the prospect of higher costs for jet fuel.
The Amex airline index was up a fraction with seven of its 13 components — including several of the foreign carriers in the index — trading higher.
Oil prices rose above $82 a barrel after the International Energy Agency raised its forecast of world oil demand, expecting more economic growth in Asia. Benchmark crude for April delivery gained 14 cents to $82.24 a barrel on the New York Mercantile Exchange.
The broader stock market was flat, as investors weighed reports on better retail sales last month and lower consumer confidence this month.
The Dow Jones industrial average inched higher by about 9 points, while the broader Standard & Poor's 500 index and Nasdaq composite index fell slightly.
Shares of Southwest Airlines Co. rose 12 cents to $12.96. Southwest has historically done a better job than other airlines of using hedging strategies to insulate itself against rising oil prices.
American Airlines parent AMR Corp. fell 18 cents to $9.98. Delta Air Lines Inc. lost 16 cents at $12.83. United parent UAL Corp. rose 19 cents to $19.36. Continental Airlines Inc. slipped by 11 cents to $22.71. US Airways Group Inc. picked up a penny $7.85.
The Amex airline index was up a fraction with seven of its 13 components — including several of the foreign carriers in the index — trading higher.
Oil prices rose above $82 a barrel after the International Energy Agency raised its forecast of world oil demand, expecting more economic growth in Asia. Benchmark crude for April delivery gained 14 cents to $82.24 a barrel on the New York Mercantile Exchange.
The broader stock market was flat, as investors weighed reports on better retail sales last month and lower consumer confidence this month.
The Dow Jones industrial average inched higher by about 9 points, while the broader Standard & Poor's 500 index and Nasdaq composite index fell slightly.
Shares of Southwest Airlines Co. rose 12 cents to $12.96. Southwest has historically done a better job than other airlines of using hedging strategies to insulate itself against rising oil prices.
American Airlines parent AMR Corp. fell 18 cents to $9.98. Delta Air Lines Inc. lost 16 cents at $12.83. United parent UAL Corp. rose 19 cents to $19.36. Continental Airlines Inc. slipped by 11 cents to $22.71. US Airways Group Inc. picked up a penny $7.85.
