Why Marriott International, Hyatt Hotels, and Walt Disney Stocks All Popped Today
For the second day in a row, stock markets are surging today, with the S&P 500 up more than 2% in late morning trading. Buoyed by positive news of two straight days of "effectively flat" COVID-19 death numbers in New York City, a slowing death rate in southern Europe, and presidential pronouncements that there's "light at the end of the tunnel" in the U.S., investors are beginning to peer into the future and wonder if the coronavirus pandemic might eventually end, and when the global economy will pull out of its recession.
Shares of hotel and resort chains are benefiting from the good news, as of 11:30 a.m. EDT, with shares of Marriott International (NASDAQ: MAR) charging 7.7% higher, Hyatt Hotels (NYSE: H) up 3.8% (after surging 16% earlier in the morning), and Walt Disney (NYSE: DIS) up 3.9% (down from 6.6% gains earlier).
When will hotels reopen for business? Investors hope soon. Image source: Getty Images.
Source Fool.com
