Cruise Line Stocks Jumped Today -- but Why?
The stock market woke up on the right side of the bed Tuesday, and shares of many companies pushed higher. Among those that gained notably were cruise lines, which have faced a number of headwinds as interest rates rose, fear of recession increased, and high oil prices further boosted their expenses. But there was at least a little good news for those companies from the consumer side Tuesday.
Shares of Carnival (NYSE: CCL) were up as much as 7.3% in early trading, Norwegian Cruise Line Holdings (NYSE: NCLH) was up by as much as 7.2%, and Royal Caribbean Cruises (NYSE: RCL) led the way, climbing 8.5%. Shares of the stocks were up 1.8%, 2.7%, and 2.5%, respectively, at 1:30 p.m. ET.
The market pushed higher Tuesday morning before heading back into the red, with the S&P 500 and the Nasdaq down fractionally in mid-afternoon trading.
Source Fool.com
