JetBlue Airways (NASDAQ:JBLU) , a low-cost airline, closed Friday at $4.86, up 4.40%. The stock moved higher as traders reacted to news that beleaguered rival Spirit Airlinesmay not have secured its hoped-for bailout.

Trading volume reached 48.4 million shares, coming in about 88% above its three-month average of 25.7 million shares. JetBlue Airways IPO'd in 2002 and has fallen 56% since going public.

How the markets moved today

The S&P 500added 0.29% to finish Friday at 7,230, while the Nasdaq Compositeclimbed 0.89% to close at 25,114. Among airline stock peers, Southwest Airlinesclosed up 2.22% at $38.76, and Alaska Air Groupfell 1.43% to end at, underscoring mixed sentiment across the airlines group.

What this means for investors

High fuel prices driven by tensions in the Middle East have pressured JetBlue and other airlines. The stock has fallen almost 8% in the past five days. It missed analyst targets in its Q1 earnings earlier this week, reporting higher-than-expected losses.

However, plans to recapture 30%-40% of higher fuel costs through pricing, fuel efficiency, and ancillary fees went down relatively well with Wall Street. The stock rose despite the earnings miss, and analysts at Susquehanna just raised their price target from $4 to $5, while maintaining their “Neutral” rating.

News that the proposed $500 million government rescue deal for Spirit Airlines may have fallen through further boosted JetBlue’s stock. If Spirit shuts down, it could give JetBlue the opportunity to expand by taking key airport routes and gate slots. Nonetheless, investors should expect further oil-related volatility in the near-term.

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