Shares of Carnival (NYSE: CCL) were moving higher last month as the world's largest cruise line benefited from expectations that the Federal Reserve would lower interest rates in 2024. The company posted strong results in its fourth-quarter earnings report toward the end of the month.

According to data from S&P Global Market Intelligence, the stock finished the month up 23%. As the chart below shows, Carnival notched much of its gains at the beginning of the month, though the stock also jumped on Dec. 21 after its earnings report came out.

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Source Fool.com