Why Cruise Line Stocks Bounced Back Today
Shares of America's cruise line stocks broke a two-day losing streak on Friday, snapping back with strong gains after the U.S. Census Bureau released its retail and food services advance monthly sales report for June this morning, which showed a 1% increase in consumer spending -- news that investors are taking as "good," to balance out earlier "bad" inflation news.
Responding to today's report, shares of Royal Caribbean (NYSE: RCL) sailed 4.6% higher through 2:55 p.m. ET, preceded by Carnival Corporation (NYSE: CCL), up 5.2%, and best of all, Norwegian Cruise Line Holdings (NYSE: NCLH) -- surging ahead 5.4%.
And yet, I cannot help wondering if investors are getting irrationally exuberant about today's report.
Source Fool.com
