Why Carnival Stock Skyrocketed Today
Shares of Carnival (NYSE: CCL) soared in Thursday's trading thanks to better-than-expected inflation data. The cruise line company's share price closed out the day up 14.3%, while the S&P 500 index ended the daily session with a 5.5% gain.
The latest data from the U.S. Labor Department showed that the consumer price index (CPI) rose 0.4% on a sequential basis and 7.7% year over year in October, significantly below the 0.6% sequential increase and 7.9% annual increase that had been forecasted by economists. Slowing inflation could signal that the Federal Reserve will start taking a more dovish approach to interest rates, which would be great news for Carnival.
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Source Fool.com
