UAA - Why These Consumer Goods Stocks Jumped Friday
Investors went for a roller-coaster ride this week. Between Monday and the close of market on Thursday, the S&P 500 cratered, falling a total of 16.5%. But a big jump on Friday offset about half of this loss. The S&P 500 finished the week down a total of 9%.
The broader-market gain on Friday was helped by a rise in stocks across many industries. Investors bought stocks aggressively in hopes that the market's recent pullback was an overreaction to the fears of the coronavirus' impact on the global economy. The market seemed particularly encouraged by President Donald Trump's national address on Friday afternoon. During the address, Trump declared the coronavirus a national emergency, and he detailed plans to mitigate the spread of the virus.
Consumer goods stocks didn't miss out on the market's gains on Friday. Three notable consumer goods stocks that saw sharp gains were energy beverage company Monster Beverage (NASDAQ: MNST), athletic apparel company Under Armour (NYSE: UA)(NYSE: UAA), and household robot company iRobot (NASDAQ: IRBT).