The gains trimmed stocks’ first quarterly decline since late September, following a big retreat in May.

European shares soared as Spanish and Italian government bond yields fell. The Stoxx 600 Europe index advanced 2.7%, while Spain’s IBEX 35 index gained 5.7%.

The core price index for personal-consumption expenditures, which excludes volatile food and energy prices, edged up less than expected in May. The Institute for Supply Management-Chicago’s business barometer, a survey of Chicago-area purchasing managers, unexpectedly ticked up to 52.9 from 52.7.

Crude oil futures jumped 9.4% to settle at $84.96 a barrel, the biggest one-day percent increase since March 2009. Gold futures jumped 3.5% to settle at $1603.50. The U.S. dollar eased slid against the euro but rose versus the Japanese yen.

In the corporate arena, Constellation Brands surged 26%, the biggest climb in the S&P 500, after agreeing to buy out the rest of a joint venture that imports and markets Grupo Modelo beer brands such as Corona Extra, the best-selling imported beer in the U.S.

Research In Motion (RIMM) plunged -19% after the BlackBerry maker announced its first quarterly operating loss in more than seven years. The company also said it plans to cut about 5,000 jobs—about one-third of its workforce—by the end of the fiscal year.

Nike (NKE) slumped -9.46% after the athletic-apparel maker reported worse-than-expected quarterly results and warned of slower growth in China.

Ford Motor (F) slipped -6% after warning it expects to lose roughly $570 million in its overseas operations in the second quarter, largely because of Europe’s slumping economy. The auto maker expects overall second-quarter profit to decline from the year-earlier period. General Motors GM -0.58% slumped 1.2% to a more than six-month low.

ServiceNow, a provider of cloud computing services for businesses, jumped 33% after its IPO on the New York Stock Exchange priced higher than expected. This IPO, the first tech IPO since Facebook, reinvigorated investor confidence in IPO’s and industry valuations.

Have a nice weekend everyone and we’ll see you Monday.