Shares of cruise line operators Carnival (NYSE:CCL), Norwegian Cruise Line (NYSE:NCLH), and Royal Carribbean (NYSE:RCL) were all soaring by double-digit rates Monday morning.
Carnival opened 11% higher today and Norwegian and Royal were up 15% each.
So what
A series of positive developments inspired hope among cruise ship investors that the worst may be behind the industry and they could extend their rally for a third consecutive trading day.
A cruise ship in open water.
IMAGE SOURCE: GETTY IMAGES.
Federal Reserve Chairman Jerome Powell, who spooked the markets last week with his gloomy economic assessments, seemed to take a softer stance in a 60 Minutes interview Sunday night, suggesting GDP could plunge 30%, but that he didn't foresee an economic depression.
Combined with better news about new COVID-19 cases slowing and more businesses being allowed to reopen to jump-start the economy again, there was a feeling cruise ships may sail on calmer seas sooner rather than later.
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