Why Lyft, Uber, and Six Flags Soared Monday
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Shares of Lyft (NASDAQ: LYFT), Uber (NYSE: UBER), and Six Flags (NYSE: SIX) all surged Monday on news that Pfizer and BionTech had achieved more than 90% efficacy in Phase 3 trials of its COVID-19 vaccine candidate, by far the biggest step yet toward a coronavirus vaccine.
The news sparked a massive rally so-called "recovery stocks," or companies, including Lyft, Uber, and Six Flags, that would benefit from an end to the pandemic and the economy and daily life returning to normal.
At the end of the day, Lyft finished up 26.3%, while Uber gained 7.4%, and Six Flags jumped 17.7%. The Dow Jones Industrial Average finished the day up 3%, showing a strong recovery in cyclical stocks, while the Russell 2000 jumped 3.7% as small-cap stocks rallied on the news.
Source Fool.com
