Stock Markets Sink, But Cruise Ship Stocks Celebrate Carnival News
The stock market has moved sharply during the summer months, lifting many major market benchmarks to record levels. However, many market participants have been nervous about the potential for a severe correction after such strong gains over the past six months. That fear took shape in the market on Thursday morning. Just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 237 points to 28,863. The S&P 500 (SNPINDEX: ^GSPC) lost 61 points to 3,520, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) suffered the most, plunging 368 points to 11,685.
Many of the most popular stocks in the market during 2020 were among those hit hardest in the downturn. However, cruise ship stocks bucked the trend and moved higher. Below, we'll look at why investors got more optimistic about cruise operators even though they've gone most of the year without any sailings.
Image source: Getty Images.
Source Fool.com
