Shares of General Electric Co. (GE) charged 14.5% higher in very active midday trading Monday, to bounce off the previous session's 29-year low, as part of a broader stock market surge ( ) amid investor optimism over the post-COVID-19 scenario. Trading volume swelled to 184.1 million shares, enough to make the stock the most actively traded on the NYSE, and already well above the full-day average of 122.8 million shares. GE's stock is on track for the biggest one-day gain in two months. The stock had tumbled 12.7% last week, amid a 5-day losing streak, to close Friday at the lowest price since December 1991, amid an increasingly downbeat view of the airline industry ( ). The industrial conglomerate has a big stake in the airline industry, as GE Aviation, which makes jet engines and components, is GE's largest business segment in terms of revenue. On Monday, however, a number of airline stocks soared off multiyear lows ( ), as TSA data showed travel demand has steadily improved since hitting an apparent bottom a month ago. Also, the Dow Jones Industrial Average shot up 883 points, or 3.7%, amid upbeat comments from the Federal Reserve Chairman and hopes that a COVID-19 vaccine may be on the horizon. GE's stock, which is on track to recover almost everything lost last week, has still tumbled 51% over the past three months while the Dow has shed 16%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 13:23 ET (17:23 GMT)
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