Why Shares of Gol Linhas Aereas Inteligentes Soared on Tuesday
Shares of Brazilian airline Gol Linhas Aereas Inteligentes (NYSE: GOL) gained 20% on Tuesday, as the city of Rio de Janeiro announced a partial end to its quarantine order. COVID-19 cases are still on the rise in Brazil, but Rio is beginning to reopen to tourists.
Airline stocks have been hard hit by the pandemic, with demand falling to near zero and countries closing international borders to visitors. Brazil has the second highest number of COVID-19 cases globally -- more than 500,000 in total -- and the country has largely been locked down in recent weeks.
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Source Fool.com
