Why Wendy's, Shake Shack, and Bloomin' Brands Jumped Today

Shares of Wendy's (NASDAQ: WEN), Shake Shack (NYSE: SHAK), and Bloomin' Brands (NASDAQ: BLMN) were climbing today along with the broad market as investors were encouraged by news of a drug trial that showed positive results in helping patents recover from COVID-19, and on better-than-expected earnings reports in the restaurant industry. Though there was no company-specific news out on those stocks, the restaurant sector gained across the board, propelling these three names with them.

As of 2:40 p.m. EDT, Wendy's stock was up 5.3%, while Shake Shack had gained 8.3%, and Outback Steakhouse-parent Bloomin' Brands jumped 17.8%. At the same time, the S&P 500 was 2.9% higher, showing the rally in the broad market.

Image source: Getty Images.

Source Fool.com