Airline Stocks Slide, but Other Sectors Rise Above Session Lows

AMR and other carriers are selling off following a plane crash near a New York airport.
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Many major sectors were trading above their lowestlevels of the day, following news of an American Airlines planecrash near New York's John F. Kennedy airport.

Travel-related stocks were hit the hardest. The

American Stock Exchange Airline Index

was down 6.3% to 64.84. The index has lost 46% of its value since the terrorist attacks on Sept. 11. In recent trading,

AMR

(AMR)

, the parent of American Airlines, was down 12.2% to $15.92. The other major airlines were all trading lower.

Shares of

Boeing

(BA) - Get Report

had lately moved off their worst position of theday. Trading in the stock was delayed shortly before 10 a.m. EST because of an order imbalance, but the company's shares were recently down 1% to $32.91. Since Sept. 11, Boeing's stock has lost 25.2%.

Shares of

General Electric

(GE) - Get Report

were lately off 3.54% to $38.99 and neartheir lowest levels of the day. GE was the second most-active stock on the

NewYork Stock Exchange. The American Airlines plane that crashed Monday morning was powered by GE engines.

Another maker of jet engines,

United Technologies

(UTX) - Get Report

was off 3.24% to $39.10.

The major equities averages were well above their session lows. The

Dow Jones Industrial Average was recently off 48.8 points, or 0.51%, to 9559.3. The measure had been down almost 200 points earlier in the day. The

Nasdaq was down 0.5 points, or 0.03%, to 1828, while the

S&P 500 was down 4.88 points, or 0.44%, to 1115.43.

The most actively traded stock on the Big Board continued to be

Enron

(ENE)

, which was up11.4% to $9.61. Energy-trading rival

Dynegy

(DYN)

has agreed to buy Enron for $8 billion in stock. The deal includes assumed debt that gives the transaction a total value of as much as $24 billion. Dynegy was higher by 14% at $44.20.

Technology stocks were mixed.

AOL Time Warner

(AOL)

was down 0.54% to $76.90, while

Compaq

(CPQ)

was lower by 1.2% to $7.64.

Networking stocks got a lift after

Ciena

(CIEN) - Get Report

saidfourth-quarter earnings could exceed analysts' estimates. Ciena also set plans to slash 10% of its workforce and take a $1.7 billion charge. The stock was lately up 11.3% to $19.12.

JDS Uniphase

(JDSU)

was up 2.8% to $9.44.

Among other sectors, defensive groups were down fractionally. The

American Stock Exchange Pharmaceutical Index

was off 0.72% to 388.4.

Merck

(MRK) - Get Report

was down 0.94% to $64.

Pfizer

(PFE) - Get Report

was lower by 0.45% to $41.94. The drug index has risen 1.7% since Sept. 11.

Separately, the

American Stock Exchange Tobacco Index

was down only 0.32% to 401.54.

Philip Morris

(MO) - Get Report

was behind by 0.30% to $46.69. The index of tobacco stocks has lost 3.3% since Sept. 11.

The

Philadelphia Stock Exchange Semiconductor Index

was trading above its intraday low and was lately off 0.71% to 503.2. The index of chipmakers has risen sharply from the lows reached in late September. Since Sept. 11, the SOX is down 1.2%.

Intel

(INTC) - Get Report

was down 1.08% to $27.57.