Why Airline Shares Climbed, and Then Fell, on Friday

Shares of U.S. commercial airlines soared in initial trading Friday morning -- with United Airlines Holdings (NASDAQ: UAL) briefly up 44% and the rest of the carriers all up double digits -- before giving up much of those gains as the day went on.

The industry, and its investors, are currently focused on a proposed government assistance plan designed to get them through the COVID-19 coronavirus pandemic travel slowdown. Expect the stocks to trade up and down based on the prospects of a bailout.

Shares of Spirit Airlines (NYSE: SAVE) opened up 34%, while Delta Air Lines (NYSE: DAL), American Airlines Group (NASDAQ: AAL), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), Alaska Air Group (NYSE: ALK) all opened up 15% or more, and Southwest Airlines (NYSE: LUV) was up 10% early.