$100 Oil Brings Airline Stocks Even Lower
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Crude oil has hit $100 for the first time in history today. Shares of airline stocks are certainly reflecting this rise in the price of oil as many of the major U.S. airline stocks are having a bumpy day on Wall Street.
As oil prices rise, airline companies obviously are forced to pay more money to fuel their jets and today this correlation can be easily seen: eight major U.S. airlines have hit new 52-week lows.
Southwest Airlines (NYSE: LUV) moved to as low as $12.02, AMR Corp. (NYSE: AMR) set a new 52-week low at $13.25, Northwest Airlines (NYSE: NWA) fell more than 7% to a new low at $13.22, Continental Airlines (NYSE: CAL) fell to $20.69, U.S. Airways Group (NYSE: LCC) dropped 8% to a new low at $13.41 and shares of JetBlue Airways (Nasdaq: JBLU) have fallen to $5.51 today.
As oil prices rise, airline companies obviously are forced to pay more money to fuel their jets and today this correlation can be easily seen: eight major U.S. airlines have hit new 52-week lows.
Southwest Airlines (NYSE: LUV) moved to as low as $12.02, AMR Corp. (NYSE: AMR) set a new 52-week low at $13.25, Northwest Airlines (NYSE: NWA) fell more than 7% to a new low at $13.22, Continental Airlines (NYSE: CAL) fell to $20.69, U.S. Airways Group (NYSE: LCC) dropped 8% to a new low at $13.41 and shares of JetBlue Airways (Nasdaq: JBLU) have fallen to $5.51 today.
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