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American Airlines stock adds to its tally of records with a weekly gain of over 75%External Link

Shares of American Airlines Group Inc. set two new records Friday, one for volume and another for weekly gains, as an upbeat outlook for travel demand continues to fuel investor sentiment. A shockingly upbeat May jobs report also helped support the notion that the worst of the COVID-19 crisis has passed. The stock jumped 11.2% to the highest close since March 2, a day after the stock rallied aone-day record of 41.1%. Trading volume was a massive 423.6 million shares, breaking Thursday one-day record total of 399.4 million shares. The stock has run up 77.1% this week, or more than double the previous record for a weekly gain of 35.3% for the week ended March 27, 2020. Friday's rally comes even after Raymond James analyst Savanthi Syth downgraded the air carrier to underperform from market perform, saying the debt-burdened carrier's shares were "priced to perfection." The stock has still shed 35.2% year to date, while the U.S. Global Jets ETF has slid 36.2% and the S&P 500 has slipped 1.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 05 Jun 2020 20:05:28 GMT
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Dow ends over 800 points higher after May jobs surpriseExternal Link

Stocks soared Friday, with the Nasdaq Composite touching an all-time intraday high, as investors cheered a May jobs report that unexpectedly showed a 2.5 million rise in nonfarm payrolls and a fall in the unemployment rate. The Dow Jones Industrial Average rose around 829 points, or 3.2%, to finish near 27,110, according to preliminary figures, while the S&P 500 advanced around 82 points, or 2.6%, to close near 3,194. The Nasdaq Composite finished 198 points higher, up 2.1%, near 9,814, after earlier trading above its previous record close of 9,817.18 from Feb. 19. Economists had expected the jobs report to show the U.S. economy had shed more than 7 million jobs. The unemployment rate fell to 13.3% from 14.7%, versus expectations for a rise toward 20%. Though analysts warned against reading too much into one month's data, the magnitude of the surprise underlined expectations the economy could be poised to snap back relatively quickly as lockdowns put in place to contain the COVID-19 pandemic are lifted.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 05 Jun 2020 20:03:58 GMT
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U.S. consumer credit plummets in April as credit-card use tumbles by record amountExternal Link

Consumer borrowing declined in April by the fastest rate since 1943 as credit card use saw a record decline, according to Federal Reserve data released Friday. Total consumer credit decreased at a 19.6% rate or $68.8 billion in April. Economists has been expecting a $14 billion fall, according to Econoday. Revolving credit, like credit cards, dropped a record 64.9% in April. Nonrevolving credit, typically auto and student loans, fell 4%. The data does not include mortgage loans. The savings rate hit a record high in April as spending dropped and Americans received stimulus checks from the government.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 05 Jun 2020 19:54:00 GMT
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Oil futures rally on signs of economic recovery and bets that OPEC+ will extend output cutsExternal Link

Oil futures rallied Friday, buoyed by better-than-expected data on U.S. employment and expectations that the Organization of the Petroleum Exporting Countries and its allies will agree to extend current production cuts at a meeting Saturday. U.S. prices were up by more than 11% for the week. July West Texas Intermediate oil rose $2.14, or 5.7%, to settle at $39.55 a barrel on the New York Mercantile Exchange Friday. That was the highest front-month contract settlement since March 6, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 05 Jun 2020 18:47:33 GMT
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Chesapeake Energy's stock rockets as oil prices surge, and have more than doubled in 3 weeksExternal Link

Shares of Chesapeake Energy Corp. rocketed 50.3% in active afternoon trading Friday, boosted by a surge in crude oil prices ahead of a weekend meeting of major oil producers. Volume swelled to 5.5 million shares, compared with the full-day average of about 2.5 million shares. The oil and gas company's stock, has now more than doubled (up 142.4%) since it closed at a split-adjusted record low of $8.71 on May 14. The debt-laden company had enacted a 1-for-200 reverse stock split on April 15. Crude oil futures rallied 5.8% Friday, and have shot up 41.9% since May 14. But year to date, Chesapeake's stock was still down 87.2%, while crude oil futures have lost 35.2% and the S&P 500 has slipped 1.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 05 Jun 2020 18:45:13 GMT
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