Airlines in Bear Market as Oil Poses ‘Existential’ Threat
US airline stocks slipped into a bear market as Wall Street warns that the war in the Middle East threatens to dramatically squeeze profits by driving up fuel costs.
The S&P Supercomposite Airlines Industry Index closed down 4.1% on Friday afternoon, extending a skid into a sixth day. The group is down over 22% from a multi-year high marked just last month. A decline of 20% or more from a peak is defined as a bear market.