Why Carnival Stock Fell 7% on Friday
Shares of Carnival (NYSE: CCL), the world's biggest cruise line operator, were sliding today, in line with a broad market sell-off on fears of rising interest rates and a recession.
Though there was no company-specific news out on Carnival, the travel stock still closed down 7.2% on Friday, while the S&P 500 gave up 1.7%.
For the third day in a row, stocks sank after the Federal Reserve raised the fed funds rate by 75 basis points, and Fed chair Jerome Powell said the central bank would continue to raise rates to rein in inflation, even if it means rising unemployment and an increased risk of a recession.
Source Fool.com
