Airline stocks set to decline Monday as oil prices spike after Saudi attack
Shares of airline companies took hard hits on Monday, as a spike in oil prices sparked concerns about rising fuel costs. The stocks of all six air carrier components of the Dow Jones Transportation Average DJT, +0.93% declined in premarket trading: American Airlines Group Inc. AAL, +0.03% slid 4.7%, Delta Air Lines Inc. DAL, +0.96% dropped 3.5%, United Airlines Holdings Inc. UAL, +2.20% shed 3.6%, JetBlue Airways Corp.
gave up 3.1%, Southwest Airlines Co. declined 3.1% and Alaska Air Group Inc. ALK, +0.29% lost 2.3%. Crude oil futures CLV19, +10.41% shot up 10% after the weekend attack on Saudi Aramco's Abqaiq oil processing plant. The NYSE Arca Airline Index has lost 1.7% over the past three months, while the Dow transports has gained 4.9% and the Dow Jones Industrial Average DJIA, +0.14% has tacked on 4.3%.
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