Travel industry stocks surged on Monday following news that Pfizer's vaccine was remarkably successful at preventing Covid-19.
Cruise line shares soared in early trading, with Carnival Corp.'s skyrocketing by 37%, Royal Caribbean Group up 30% and Norwegian Cruise Line Holdings up 26%.
According to the Associated Press, "stocks of companies that most need the economy and the world to return to normal for their profits to heal led the way. A 12.1% surge for Chevron and 11.3% jump for The Walt Disney Co. amid hopes that people will start driving and flying to theme parks again helped drive the Dow Jones Industrial Average to a leap of 1,212 points, or 4.3%, to 29,535, as of 10:35 a.m. Eastern."
Among the GDSs, Sabre stock was up nearly 25% at 10:30 a.m. Amadeus saw a bump of more than 16%. On the OTR side, meanwhile, Tripadvisor was up nearly 20%. Expedia stock increased by more than 23%, and Booking Holdings was up more than 17%.
Major U.S. airlines were up Monday at 11 a.m., for the most part in the low double digits: United, for example, was up 13.7% and Southwest by 11.6%.
Jamie Biesiada contributed to this report.
Source: Travel Weekly