Stock Market News: Why Shares of Cruise Companies Are Soaring as Moderna Plunges
Tuesday morning brought renewed enthusiasm to Wall Street, as investors grow increasingly optimistic that economic reopenings taking place across the U.S. will have a positive result without causing a new uptick in COVID-19 cases. Market participants focused on the possibility that a coronavirus vaccine could be out sooner than expected. Just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 627 points to 25,029. The S&P 500 (SNPINDEX: ^GSPC) rose 58 points to 3,014, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 122 points to 9,447.
Cruise ship stocks have taken a big hit from the pandemic, but today's big rise in shares of Royal Caribbean Cruises (NYSE: RCL), Carnival (NYSE: CCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) shows just how excited investors are about the prospect of the companies being able to sail again. Yet Moderna (NASDAQ: MRNA) found itself left out of the rally, as shareholders realized that just because a coronavirus vaccine might be inevitable, it doesn't mean that every single drugmaker looking for a solution will end up profiting from their efforts.
Cruise ship operators showed solid gains Tuesday morning, with Royal Caribbean up 11% and Carnival and Norwegian weighing anchor with 13% gains. As the industry continues to race against time, the prospect of being able to return to sea sooner rather than later could end up being a saving grace for these three cruise stocks.
Source Fool.com
