Why Travel Stocks Got a Big Bump on Wall Street Friday
Shares of travel stocks recovered some of the losses they've endured over the last few weeks. Marriott International Inc, Hyatt Hotels Corporation, Carnival Corp, Royal Caribbean Cruises Ltd, and Expedia Group Inc all jumped double-digits on Friday. Here's a look at their highs today and where they closed compared to Thursday.
Source: Google Finance.
There were a few pieces of data that came out today that were either encouraging or panic-inducing, depending on how you look at them. One was a report from analytics firm STR showing that hotel revenue fell 5.5% globally in February versus a year ago. This was in the early stages of the COVID-19 outbreak, but included an 85.9% drop in revenue per available room in Hong Kong and an 82.2% drop in mainland China.
Source Fool.com
