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NEW YORK - Airline shares were higher in Thursday afternoon trading, after the price of a barrel of crude oil dropped as low as $37.68 on the New York Mercantile Exchange.
The cost of fuel is one of the biggest operating costs for airlines.
The AMEX Airline Index rose 2.3 percent with 11 of 13 component stocks higher.
The National Transportation Safety Board is investigating an incident last month, when one of the engines on a Delta 777 lost power at 39,000 feet during a flight from Shanghai to Atlanta. The crew got the engine going again and the flight landed safely at its destination with no injuries.
Delta shares rose 11 cents to $11.11. AMR Corp., parent of American Airlines, gained 38 cents, or 3.7 percent, at $10.47. Continental Airlines added $1.23, or 7.7 percent, at $17.27. US Airways rose 7 cents to $7.44, and United Airlines parent UAL Corp. gained 50 cents, or 4.7 percent, at $11.10. Alaska Air added 22 cents at $27.49. JetBlue picked up 15 cents, or 2.5 percent, at $6.19.
Low-cost carrier Southwest Airlines was the only loser among major carriers--down 5 cents at $8.22.
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