Why Party City's Shares Jumped 17.4% on Friday

Shares of Party City Holdco (NYSE: PRTY) jumped as much as 17.4% in trading Friday as more good news was released about a COVID-19 vaccine. Shares closed the day up 10% and are getting near a 52-week high. 

Pfizer today became the first company to apply for Emergency Use Authorization on its COVID-19 vaccine, and entertainment stocks responded positively as a result. This follows news yesterday that AstraZeneca's vaccine has a positive response from older adults. 

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Source Fool.com