NIO, Fisker Drive Markets Higher; Norwegian Sinks Cruise Ship Stocks
The first trading day of November brought a rally to Wall Street, as investors sought to claw back some of the losses from the previous week's market action. It's not as though any of the concerns that market participants have gone away over the weekend, as COVID-19 case counts remained high and Tuesday's presidential election promises to create plenty of drama. However, investors seemed willing to see at least the possibility that markets might not do a repeat of the bear market from late February and March. As of 10 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 376 points to 26,878. The S&P 500 (SNPINDEX: ^GSPC) gained 47 points to 3,317, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) moved higher by 154 points to 11,065.
In uncertain times, investors like to stick with what works, and that was evident from the appetite for shares of electric-vehicle manufacturers NIO (NYSE: NIO) and Fisker (NYSE: FSR). Meanwhile, cruise ship stocks continued to feel the pain, and even as a key regulatory block went away, shares of Norwegian Cruise Line Holdings (NYSE: NCLH) reacted to downbeat news.
Shares of electric automakers NIO and Fisker sprang out of the gate on Monday. The two stocks were neck and neck, both rising 12% at 10 a.m. EST.
Source Fool.com
