S&P 500 top movers: AAL surges nearly 15% after company announces end of cash burn by year-end

• S&P 500 retreats sharply from daily highs, stays in positive territory.
• Airline shares are among top performers on Friday.

The S&P 500 (SPX) lost nearly 6% during Thursday's selloff but staged a rebound on Friday. However, the index failed to preserve its bullish momentum and erased a large portion of its daily gains after opening more than 2.5% higher. At the moment, the SPX is still up 0.42% on the day at 3,015 points.

S&P 500 top movers

Earlier in the day, American Airlines Group Inc (AAL) announced that it's planning to halt its daily char burn by the end of 2020, citing an improvement in travel demand and effective cost-cutting measures. Boosted by this development, AAL is up 14.4% on the as the top performer and was last seen trading at $16.35.

Other airline shares, United Airlines Holding Inc (UAL) and Delta Air Lines Inc (DAL) are gaining 14% and 9%, respectively.

On the other hand, the PVH Corp (PVH), owner of Calvin Klein and Tommy Hilfiger, reported on Friday that the quarter to date direct same-store sales are down 65% for North America, 25% for Europe and 11% for Asia. PVH was last seen losing 9.2% on a daily basis at $47.87 as the top decliner.