Why Disney Stock Was Rebounding Today
Shares of Disney (NYSE: DIS) were bouncing back today alongside a broader recovery in the market. The news came even as the company announced last night that it would temporarily close Disneyland, Walt Disney World, and Disneyland Paris, and shut down its cruise line as much of the world tries to stave off the coronavirus pandemic.
Despite news of the shutdown, the entertainment company seemed to benefit from the tailwind among stocks today as investors responded to news that the White House and Congress were close to reaching a deal on a coronavrius relief bill, and that Germany, Europe's biggest economy, promised to do what it takes to keep the economy afloat, pledging more than $600 billion in stimulus spending.
That news encouraged U.S. investors, sending shares of Disney up 5.2% as of 2:27 p.m EDT. At the same time, the S&P 500 had gained 3.3%.
Source Fool.com
