VCR - Why Shares of Restaurants and Gathering Places Were Rising Today
Shares of consumer discretionary stocks including restaurants and other gathering places were rising broadly today. There was no particular news driving up that sector, though these stocks may have benefited from the perception that they're oversold.
Today, stocks were generally mixed, unlike most days during the recent sell-off, and the federal government said it would soon send $1,200 checks to most Americans in order to shore up their finances at a difficult time. President Trump also said that he would eliminate bureaucratic rules to speed up development of new COVID-19 coronavirus treatments.
Any news that gives investors hope that the crisis will end soon as well as giving financial support to average Americans should help lift consumer discretionary stocks like restaurants and gathering places. Small-cap and energy stocks, which have been hammered as well, were also big winners Thursday, showing that investors seemed to go bargain hunting.