VZ - Why Telecommunications Stocks Jumped on Tuesday
Shares of telecommunications and related infrastructure stocks had a great day Tuesday as the market sought relatively safe investments during the coronavirus outbreak. American Tower Corp (NYSE: AMT) jumped as much as 15.9%, Centurylink Inc (NYSE: CTL) rose as much as 13.8%, and Verizon Communications Inc. (NYSE: VZ) jumped as much as 8.9%. At 3:30 p.m. EDT shares of each company were up 13%, 9.3%, and 5.7% respectively.
The stock market overall is up today, so that's helping the telecommunications industry broadly. And there may be some flight to safety, with investors viewing telecommunications as a critical consumer good at the moment.
Image source: Getty Images.