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Wall Street airlines - Falling oil prices help airlines advance - UPDATE 2
AFX
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SAN FRANCISCO (AFX) -- A decline in crude oil prices helped propel airline stocks higher Wednesday as the sector was led by rising shares of JetBlue Airways, Continental Airlines and Northwest Airlines.
The Amex Airline Index added 2.4% to 49.11.
Spot crude oil prices closed the session lower, though the price remained at a lofty $60.01 a barrel after falling 61 cents.
Southwest Airlines , which reports its second-quarter results Thursday, gained 2% to $13.98. Analysts on average expect the carrier's profit to rise to 18 cents a share, according to Thomson First Call.
Delta Air Lines gained 1.2% to $3.44 with more than 4.6 million shares changing hands -- the most active issue in the group.
Continental Airlines rose 4.7% to $14.76.
JetBlue Airways is going to offer flights from Newark Liberty International Airport, which Prudential Equity Group analysts wrote could be mildly negative for Continental. JetBlue shares rose 4.9% to $21.22.
Northwest Airlines added 4% to $4.69.
World Air Holdings fell 4.1% to $13.01. The company said that it has delayed its 8-K filing with the Securities and Exchange Commission regarding the results of privately held North American Airlines, which it is acquiring. World Airways is re-auditing the company's 2004 results.
U.S.-listed shares of Ryanair Holdings PLC inched higher in New York trading after the Irish low-cost carrier reported bookings fell immediately after Thursday's terrorist attacks in London. Shares added 0.8% to $46.94.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
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