Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Surged Today
Cruise ship stocks jumped on Monday, following excellent news from drugmaker Moderna. By the market close, shares of Carnival (NYSE: CCL) (NYSE: CUK), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) were up 9.7%, 6.9%, and 6.2%, respectively.
Moderna said its experimental coronavirus vaccine could be more than 94% effective at preventing COVID-19. The welcome development follows a similar announcement from Pfizer and BioNTech last week, which said their vaccine candidate could be over 90% effective at combating the dangerous disease. Investors cheered the news, and many bid up shares of cruise companies in hopes of a forthcoming recovery for the beleaguered industry.
Cruise ship stocks rallied on Monday as investors looked ahead to brighter days. Image source: Getty Images.
Source Fool.com
