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May 18, 2020, 1:23 p.m. EDT

GE's stock bounces on heavy volume off of 29-year low, heads toward biggest gain in 2 months

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By Tomi Kilgore

Shares of General Electric Co. /zigman2/quotes/208495069/composite GE +0.99% 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 /zigman2/quotes/210598065/realtime DJIA +1.34% 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%.

/zigman2/quotes/208495069/composite
US : U.S.: NYSE
$ 6.11
+0.06 +0.99%
Volume: 79.78M
Sept. 25, 2020 4:00p
P/E Ratio
14.94
Dividend Yield
0.65%
Market Cap
$53.48 billion
Rev. per Employee
$429,735
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,173.96
+358.52 +1.34%
Volume: 391.73M
Sept. 25, 2020 5:06p
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