Why Casual Dining Restaurant Stocks Were Climbing Today
Stocks were gaining for the second day in a row today, adding to Monday's rally as investors continue to become optimistic on signs that the coronavirus may be peaking in hot spots such as Italy, Spain, and New York. A decline in new cases would mark the first significant step to reopening at least parts of the economy, though it's still unclear how that would take place.
Not surprisingly, then, stocks that would most benefit from an end to the stay-at-home policies in effect across the country were among today's biggest winners, and that included several casual dining chains. As of 10:47 p.m. EDT, Olive Garden-parent Darden Restaurants (NYSE: DRI) was up 11.6%, Chili's owner Brinker International (NYSE: EAT) had gained 7.9%, BJ's Restaurants (NASDAQ: BJRI) was 5.7% higher, Bloomin' Brands (NASDAQ: BLMN) had increased 4.9%, Dave & Buster's (NASDAQ: PLAY) was up 6%. At the same time, the S&P 500 was up 1.4%.
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Source Fool.com
