Airline Winners & Losers

NEW YORK -- Shares of most U.S. airlines fell Thursday amid a big selloff in the broader market, despite a decline in oil prices.

The Amex airline index fell 5.1%, with nine of its 13 airline stocks in the index sliding.

The decline might have been worse if oil prices hadn't fallen to their lowest levels in more than three years. Airline shares often trade inversely to oil because jet fuel is a leading expense for carriers.

Light, sweet crude for December delivery fell nearly 8%, or $4.07, to $49.55 in afternoon trading on the New York Mercantile Exchange.

But jitters about the economy drove the stock market down again. Stocks plunged late in the day, pushing the Dow Jones Industrial Average down more than 5%. Additionally, Democratic leaders in Congress delayed a vote on bailing out the auto industry until December.

Shares of Continental Airlines (CAL Quote) fell 72 cents, or 6.4%, to close at $10.59; United Airlines parent UAL (UAUA Quote) dropped $1.03, or 12%, to $7.53; and Southwest Airlines (LUV Quote) lost 91 cents, or 10.5%, to $7.76.

Shares of US Airways(LCC Quote) dropped 27 cents, or 5.5%, to $4.63; and JetBlue(JBLU Quote) fell 29 cents, or 6.5%, to $4.16; and shares of AirTran(ATSG Quote) dropped 10 cents, or 3.1%, to $3.17.

Among the few gainers was Delta Air Lines(DAL Quote), which rose 2 cents to $7.02, and American Airlines parent AMR(AMR Quote), which added 9 cents to $6.94. Alaska Air(ALK Quote) picked up $1.19, or 5.7%, to $22.01.