Royal Caribbean stock joins Wall Street plunge
The stock market took a big hit on Thursday, and Royal Caribbean's stock (RCL) was no exception, falling in value by double digits.
The cruise line's stock was down 14.28% at the close of trading, finishing the day at $54.51.
Travel stocks are no stranger to these downturns in the market, as travel-related companies were sharply lower across the board. Norwegian Cruise Line Holdings Ltd (NCLH) was down 16.46% and Carnival Corp (CCL) was down 15.30%.
The Dow Jones Industrial Average saw a wide sell-off, due to fears of a COVID-19 second wave, along with a dire economic forecast by the U.S. Federal Reserve.
Economic data appeared to back up the Fed’s dour economic projections, with jobless claims still more than double their peak during the Great Recession and continuing claims at an astoundingly high 20.9 million.
Deaths of Americans from COVID-19 could reach 200,000 in September, a grim result of the United States’ economic re-opening before getting growth of new cases down to a controllable level, according to a leading health expert.
Note: Matt Hochberg has no position in any of the stocks mentioned, nor does he own any cruise line stock.