The travel industry is enjoying the fruits of its patience lately. After a fairly tumultuous reopening process, cruise stocks across the board are up heading into the afternoon, coinciding with promising news related to Covid-19 treatments.
So what do you need to know today?
Good news and green tickers tend to go hand in hand, which is the story behind today’s jump. Pfizer (NYSE:PFE) announced its experimental Covid-19 treatment, PAXLOVID, reduced the risk of hospitalization or death by 89% compared to a placebo in non-hospitalized, high-risk adults. After almost a month of testing, the sample group reported no deaths. Patients who took a placebo reported 10 deaths. Pfizer will likely submit this data as evidence for emergency-use authorization from the U.S. Food and Drug Administration.
The End Zone Is in Sight for Cruise Stocks
The optimistic results have sparked a surge in numerous industries. American Airlines (NASDAQ:AAL) is up more than 5% on the day, United (NASDAQ:UAL) and Southwest (NYSE:LUV) are up 6%, while JetBlue (NASDAQ:JBLU) is trending up around 7% at the time of writing.
Cruise stocks have had a bumpy ride since quarantine. Carnival, Royal Caribbean and Norwegian fell more than 20% in March 2020, when the world went inside. Finally, they get a taste of recovery as the coronavirus is beginning to appear in the rear-view mirror.
This trio, along with their airline peers, are certainly have a good day. However, the big winners are undoubtedly travel booking companies Expedia (NASDAQ:EXPE) and Airbnb (NASDAQ:ABNB), which jumped up 23% and 21%, respectively.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.