Sectors Mixed as Airlines Bounce Back, Insurers Don't
Several sectors retraced ground either gained or lost in yesterday's wild ride, with most airline shares ending higher despite concern about the timing of an aid package.
The Transportation Secretary said he hoped to have a package to aid the reeling industry through Congress by early next week. Investors, who were worried by talk of bankruptcies on Monday, sold on the news, having hoped for a quicker resolution. But the selling didn't erase all the gains.
AMR (AMR), the parent of American Airlines and TWA, closed up 12.1%, to $20.17. Delta Air Lines (DAL) also gained, up 11.5%, to $23.01. UAL (UAL), the holding company for United Airlines gained 8.6%, to $19.
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