Why These Restaurant Stocks Bounced by Double Digits Thursday
Shares of BJ's Restaurants (NASDAQ: BJRI), Dave & Buster's Entertainment (NASDAQ: PLAY), and Dine Brands Global (NYSE: DIN), are up 15%, 19%, and 22% respectively on Thursday afternoon, after the $2 trillion coronavirus relief package cleared the U.S. Senate and was passed on to the House.
The S&P 500 and Dow Jones Industrial Average surged 5% and 4.7% Thursday afternoon, respectively, despite a historic spike in unemployment claims. New claims exploded to a record 3.283 million, a figure much higher than expected, and even above levels seen after the 2008 financial crisis.
But the markets' surge today, despite those frightening figures, emphasizes that many believe the economy will be able to snap back after the virus is under control. The gains also show that sometimes Wall Street prefers to have concrete numbers and data, rather than uncertainty, even when the numbers are brutal.
Source Fool.com
