Widespread Pain Amid Selloff

The energy sector manages to escape the market's declines.
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Airlines and computer chips were among Friday's hardest-hit sectors during a session that saw the broad stock averages saddled with steep losses.

The Amex Airline index took a beating, dropping 4.4%.

AMR

(AMR)

, the parent of American Airlines, was the loss leader, falling 10.2% to $18.46.

SkyWest

(SKYW) - Get Report

shed 5.3% to $26.03.

Southwest

(LUV) - Get Report

was the only member of the index showing a gain. The stock tacked on 2 cents, or 0.1%, to $16.18 following the carrier's announcement that it plans to buy back up to $300 million of stock.

Meanwhile, the Philadelphia Semiconductor Sector index was giving back 4.1%. Makers of programmable-logic devices were feeling the worst of the selling pressure, as

Xilinx

(XLNX) - Get Report

fell nearly 8% to $27.42 and

Altera

(ALTR) - Get Report

lost 5.9% to $18.59.

The energy group, buoyed by advancing oil prices, was one of the few areas of the market to escape the carnage.

The Philadelphia Oil Service Sector index was ahead by 2.4%, led by

Halliburton

(HAL) - Get Report

, up 5.1% to $75.41, and

Schlumberger

(SLB) - Get Report

, rising 5.8% to $121.51.

The Amex Oil index, a tracker for names such as

Chevron

(CVX) - Get Report

and

Exxon Mobil

(XOM) - Get Report

, added 0.1% as nine of its 13 components were higher on the day.

Elsewhere, the Amex Networking index was lower by 3.2%.

Adtran

(ADTN) - Get Report

and

3Com

(COMS)

were seeing the sharpest declines, both falling more than 4.2%. The computer hardware sector slumped 3%, dragged down by

Palm

(PALM)

and

Sun Microsystems

(SUNW) - Get Report

.

The Philadelphia Stock Exchange/KBW Bank Sector index fell 2.1%, and the Philadelphia Housing Sector index was weaker by 1.7%. Retailers, drug stocks and biotechs were all losing more than 1%.

As the close of trading approached, the

Dow Jones Industrial Average

was down 202 to 10,678, and the

S&P 500

was losing 23 points to 1262. The

Nasdaq

was off 52 points, or 2.3%, to 2250.