FWRG - Restaurant stocks rally after major cities pull back on indoor dining restrictions

Select restaurant stocks moved higher on Monday after New York City Mayor Eric Adams indicated that the vaccine passports will no longer be required in New York City starting on March 7 barring "unforeseen spikes" in COVID cases. The rule change will cover restaurants, gyms and indoor venues in New York City. Cities like Boston and Seattle have also pulled back on indoor dining restrictions to boost hopes for restaurants sales in Q1. That has also increased optimism that the full recovery of the restaurant industry can get back on track following the Omicron setback in December and January. Gainers in the sector include Kura Sushi (NASDAQ:KRUS) +3.6%, Potbelly (NASDAQ:PBPB) +2.2% and Shake Shack (NYSE:SHAK) +2.1% on a down day for the S&P 500 Index. Other advancers in the restaurant sector include recent IPOed names like Dutch Bros (NYSE:BROS) +4.1%, Sweetgreen (NYSE:SG) +2.4% Portillo's (NASDAQ:PTLO) +2.0% and First Watch Restaurant

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Restaurant stocks rally after major cities pull back on indoor dining restrictions