LYV - Why Entertainment Stocks Jumped on Monday
Shares of entertainment stocks had an outstanding day on Monday as investors bet that the COVID-19 pandemic is one step closer to being behind us. Concert company Live Nation (NYSE: LYV) jumped as much as 29.8% before trading 19.9% higher at 3 p.m. EST. Amusement park operator Cedar Fair (NYSE: FUN) was up 29.7% early and is now up 22.9%, and big-screen operator IMAX (NYSE: IMAX) was up 27.7% and is now trading 22.7% higher.
The biggest news was Pfizer announcing that early data shows 90% effectiveness of its COVID-19 vaccine. If that holds when final tests are completed, it could have a huge impact on slowing the spread of the virus, allowing entertainment facilities to open again.
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Why Entertainment Stocks Jumped on Monday