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June 13, 2020, 7:50 a.m. EDT

Dow closes nearly 500 points higher as stocks make partial rebound from worst day in three months

Rising U.S. coronavirus cases raise questions about speed of economic recovery

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By Mark DeCambre, MarketWatch , Andrea Riquier

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In U.S. economic reports, a reading import prices for May rose, up 1%, by the most in more than year, marking the largest gain since February 2019, the Labor Department reported. Meanwhile, the University of Michigan’s consumer sentiment index showed an increase to a reading of 78.9 from 72.3 in May.

Meanwhile, a report on economic growth in the U.K. showed that gross domestic product contracted by a record 20.4% in April, highlighting weakness in Europe and one of the region’s hardest hit by the epidemic.

Which stocks were in focus?

  • American Airlines Group Inc. shares /zigman2/quotes/209207041/composite AAL +2.37% are in focus Friday after the company announced a series of business updates in a filing with the Securities and Exchange Commission as its demand trends and cash-burn trajectory improve. Shares surged 16.4%.

  • Other airline stocks were also sharply higher, including Delta Air Lines Inc . /zigman2/quotes/200327741/composite DAL +2.63%  , up nearly 12%, and United Airlines Holdings Inc. /zigman2/quotes/205037281/composite UAL +3.17%   soaring 19%.

  • Dick’s Sporting Goods Inc. shares /zigman2/quotes/200566298/composite DKS +2.20% jumped 9% in Friday trade after the athletic retailer said it was bringing back its dividend program.

  • Bankrupt auto rental company Hertz Global Holdings wants to sell as much as $1 billion in stock to take advantage of its recent rally, but expects think the stock could get wiped out. Its shares were up 37% Friday.

  • Azek Co. /zigman2/quotes/218913553/composite AZEK +2.87% surged 18%after the maker of sustainable building materials priced its public offering late Thursday.

  • Caterpillar Inc. /zigman2/quotes/203434128/composite CAT +1.65% was downgraded to market perform from outperform at BMO Capital Markets on concerns about the impact of tight budgets on the industrial machinery company’s comeback. Its shares closed up 1.3%.

  • Shares of Calvin Klein parent company PVH Corp. /zigman2/quotes/208313660/composite PVH +2.50%   were the biggest loser in S&P 500 Friday, down nearly 6% after reporting earnings on Thursday.

  • Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.33%  shares moved nearly 4% lower Friday after a pair of downgrades, two days after touching a fresh all-time high.

  • Adobe Inc. /zigman2/quotes/200389143/composite ADBE +1.06%   shares came close to topping a previous all-time closing high as work-from-home arrangements boosted subscription revenue.

Related: Coronavirus was the perfect storm for tech innovation, and this fund manager made out

How did other assets fare?

Oil prices closed lower, despite early gains on Friday. West Texas Intermediate fell 8 cents, or 0.2%, to settle at $36.26 a barrel on the New York Mercantile Exchange, ending the week lower, for the first time in seven weeks.

The greenback traded up 0.5% and finished 0.2% up on the week against its major rivals, as gauged by the ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY -0.79% .

In precious metals, August gold on Comex finished lower, shedding $2.50, or 0.1%, to end at $1,737.30 an ounce, after jumping 1.1% on Thursday. Bullion still booked a weekly gain of 3.2% based on last Friday’s settlement of the most-active contract.

The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.59% rose 2 basis points to 0.699%. Bond prices move in the opposite direction of yields.

In global equities, the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.89% closed at 354.06, up 0.3% after ending Thursday down 4.1%, while the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.76% closed at 6,105.18, up 0.5% following its 4% Thursday plunge.

In Asia, Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.09% fell 0.8%, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -1.29%  finished 0.2% higher and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.09% closed off 0.7% lower. South Korea’s Kospi index /zigman2/quotes/210598069/delayed KR:180721 +0.58% fell 2% after a 0.9% decline in the previous session.

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XX : STOXX
444.93
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May 7, 2021 4:59p
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/zigman2/quotes/210598128/delayed
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May 7, 2021 3:01p
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KR : Korea Exchange
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Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre. Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier.

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