S&P 500 Falling: Airline Stocks, Cruise Stocks Crashing as 1.3 Million More File for Unemployment, Bank of America Prepares for Long Recession
The S&P 500 Index (SNPINDEX: ^GSPC) fell 11 points or 0.3% on July 16, breaking a two-day positive streak as Bank of America (NYSE: BAC) reported second quarter earnings and the U.S. Department of Labor said another 1.3 million people filed for unemployment last week.
Today's biggest losers are the same stocks that delivered big gains for investors yesterday: airlines, cruise lines, hotels, casinos, and travel and leisure booking companies. In short, it's looking like investors are coming back down to earth after so much excitement around Moderna's (NASDAQ: MRNA) potential coronavirus vaccine that's still many months -- and perhaps longer -- away.
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Source Fool.com
