S&P 500 top movers: Cruise liner stocks soar on coronavirus vaccine hopes

S&P 500 rose to its highest level since late February.
Coronavirus vaccine optimism boosts cruise liner stocks on Wednesday.
BK falls more than 5% amid cautious outlook.

Eren Sengezer FXStreet

The S&P 500 Index (SPX) advanced to its highest level since late February at 3,238 on Wednesday boosted by reports reviving optimism surrounding effective coronavirus vaccine. As of writing, the SPX was up 0.88% on the day at 3,225.

Earlier in the day, Moderna said that it received 'robust' immune response to its experimental coronavirus vaccine and announced that it will start its late-stage trial with 30,000 participants later this month. Additionally, Robert Peston, ITV News’ political editor, reported that Oxford's COVID-19 vaccine was generating positive results.

S&P 500 top movers

Cruise liner stocks, which suffered heavy losses during the coronavirus-related stock market selloff, are rising sharply on Wednesday. At the moment, Royal Caribbean Cruises Ltd (RCL) and Norwegian Cruise Line Holdings Ltd (NCLH) shares gain more than 20% and Carnival Corp (CCL) shares are up 16.2%.

On the other hand, Bank of New York Mellon Corp (BK) shares are down 5.23% on the day at $36.93 as the worst-performer. Although the company reported better-than-expected second-quarter revenue, CEO Todd Gibbons said that downside risks remained from economic uncertainty and the significant pressure from low-interest rates.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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