Airline Stocks: Airlines extend rally to clinch 27% advance for the week

Airlines extend rally to post 27% gain for the week Benchmark oil prices settle below $130 a barrel By Christopher Hinton, MarketWatch NEW YORK (MarketWatch) -- Airlines shares got another lift Friday from tumbling oil prices, capping three days of declining fuel costs and better-than-feared earnings reports that left the battered Amex Airline Index with a 27% gain for the week. The advance slowed a bit Friday, with the index gaining only 1.4% to close at 17.80 points. Nine of its 14 components ended in the green. But the three-day rebound was swift and steep. On Tuesday, the benchmark index had plumbed a record intraday low of 12.66 points. For Friday, crude for August delivery fell 41 cents to settle at $128.88 a barrel on the New York Mercantile Exchange. Futures have lost nearly $16, or more than 11%, this week. See... [read full story]