Airlines rise with broader market on weaker dollar, home sales report
Associated Press
11/23/09 11:20 AM PST
NEW YORK — Airline stocks gained with the broader market on Monday, as investors halted a three-day selling streak on several factors including the weaker dollar and better-than-expected home sales numbers.
Major stock indexes soared more than 1 percent in midday trading Monday, the start of one of the country's busiest travel weeks. The Dow Jones industrials rose more than 120 points.
Meanwhile, oil prices fell. Benchmark crude for December delivery gained $2.05 to $79.52 a barrel on the New York Mercantile Exchange.
The Amex Airline Index rose 2 percent in afternoon trading to reach 26.59.
Among major airline stocks, Continental Airlines Inc. led the group, gaining 3.2 percent to reach $13.27. American Airlines parent company AMR Corp. rose 11 cents to hit $5.58. United parent UAL Corp. added 12 cents to $7.14.
