Cruise Stocks Soar as Stock Markets Get a Shot in the Arm From Coronavirus Vaccine News
The stock market has been sensitive to the ups and downs of the COVID-19 pandemic. With many businesses having remained closed for months during the second quarter, investors are understandably nervous about how the just-started earnings season will go. Yet positive news from a biotech company on the hunt for a COVID-19 vaccine raised new hopes that more extreme measures to eradicate the coronavirus might not prove necessary. Stock market indexes climbed as a result. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 239 points to 26,882. The S&P 500 (SNPINDEX: ^GSPC) gained 23 points to 3,221, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 15 points to 10,503.
Cruise ship operators have been among the companies damaged the most from the pandemic, and it could still be months before companies start to get their ships back out to sea. Yet shareholders in Carnival (NYSE: CCL), Royal Caribbean Cruises (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) would arguably stand to gain the most from a viable vaccine to fight COVID-19. That's what's driving gains of 12% to 16% in those stocks, and there could be even bigger gains if more progress toward a permanent solution gets made.
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Source Fool.com
