The tumble in crude oil prices helped spark a rally in airline stocks, amid optimism over lower fuel costs. The NYSE Arca Airline Index jumped 2.1%, to trade within 0.5% of the near 16-year closing high reached on May 16. Among the index’s more-active components, shares of Delta Air Lines Inc. rallied 2.6%, Southwest Airlines Co. climbed 2.2%, American Airlines Group Inc. rose 2.4%, United Continental Holdings Inc. advanced 2.8% and Spirit Airlines Inc. gained 4.1%. July crude oil futures tumbled 5.5% to $48.54 a barrel, after OPEC disappointed traders by extending current production cuts rather than increasing them. The airline index has now gained 3.8% year to date, while the S&P 500 has climbed 7.9%.
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