Stock Market News: Why Norwegian Led Cruise Stocks Lower Monday Morning
The stock market was mixed on Monday morning, as investors continued to see some disparities among stocks in different sectors. The general concern about the economic impact of the novel coronavirus pandemic has taken a big toll on shares of "old economy" stocks, especially in areas like financials and materials stocks. However, investors remain confident about the ability of tech companies to survive and even benefit in the wake of the pandemic. Just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 209 points to 24,122, and the S&P 500 (SNPINDEX: ^GSPC) dropped 16 points to 2,914. However, the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 15 points to 9,136.
Cruise ship operators have been among the stocks hit hardest by the COVID-19 outbreak, and the suspension of operations has put companies like Carnival (NYSE: CCL) and Royal Caribbean Cruises (NYSE: RCL) under significant financial pressure. This morning, Norwegian Cruise Line Holdings (NYSE: NCLH) revealed the latest information about what it took to get more investment capital at a particularly difficult time. Even though Norwegian's ability to get a deal done at all speaks to the demand among investors to help the company, there's still considerable uncertainty about what the future could look like for it and its rivals on the high seas.
Image source: Norwegian Cruise Line Holdings.
Source Fool.com
