Unfazed by falling oil prices, most airline stocks dropped Monday as the broader market continued its downward spiral amid fears about the slowing economy.Light, sweet crude for February delivery fell $2.87, to $37.96 a barrel on the New York Mercantile Exchange. The contract on Friday fell 87 cents to settle at $40.83. The price of jet fuel is one of the biggest costs airlines have to deal with. Wall Street extended last week's slide. In afternoon trading, the Dow Jones Industrial Average was down about 72 points to 8,527. The Amex airline index lost 2.9%, with 10 of 13 component stocks lower. Shares of Delta Air Lines ( DAL), the world's biggest airline operator, fell 77 cents, or 6.6%, to $10.99; AMR ( AMR), parent of American Airlines, gave up 65 cents, or 5.4%, at $11.50; and United Airlines parent UAL ( UAUA) dropped 63 cents, or 5.2%, to $11.61. Continental Airlines ( CAL) tumbled 92 cents, or 4.5%, to $19.45; Southwest Airlines ( LUV) rose 7 cents to $8.63; US Airways Group ( LCC) lost 46 cents, or 5.1%, to $8.54; JetBlue Airways ( JBLU) added 10 cents at $7.07; and AirTran Holdings ( AAI) fell 16 cents, or 3.6%, to $4.29.
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