Shares of largest US airlines rise with broader market; Southwest reports earnings Thursday

Sector Snap: Airlines shares rise

NEW YORK — Shares of the largest U.S. airlines rose Wednesday, helped by a rally in the broader market that pushed the Dow close to 10,000.

The Dow Jones industrial average rose more than 110 points in midday trading, as investors were cheered by strong earnings reports from Intel Corp. and JPMorgan Chase & Co.

The first third-quarter report from a major airline will come Thursday, when Southwest Airlines Co. releases financial results before the start of trading.

In a cautionary note for airlines, however, oil prices jumped to new highs for the year, partly on the belief that demand will strengthen as the holiday season nears.

Benchmark crude for November delivery rose 78 cents to $74.93 a barrel after rising as high as $75.40 earlier in the day.

At midday Wednesday, the Amex Airlines Index was up 2.3 percent, with 11 of 13 component stocks higher.

Shares of Delta Air Lines Inc. rose 12 cents to $9.02; American Airlines parent AMR Corp. gained 30 cents, or 3.9 percent, to $7.97; and United parent UAL Corp. increased 27 cents, or 3.7 percent, to $7.55.

Continental Airlines Inc. rose 31 cents to $16.84; Southwest Airlines Co. gained 29 cents, or 3 percent, to $9.87; and US Airways Group Inc. added 2 cents to $4.46.