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Rapid testing propels airlines, cruise lines

August 29, 2020

The S&P closed above 3,500 for the first time and is on its way to the best August performance since 1986, with a 6.6% gain as of Friday’s close.

Stocks tied to resurgent economic activity soared on anticipation that consumers would feel more comfortable in pre-lockdown activities after the FDA approved a cheap, rapid COVID test. Abbott Labs is conducting trials to see if the test could be used on asymptomatic people

Cruise lines rebounded sharply, with Carnival (NYSE:CCL) the third-biggest gainer in XLY, up 10%. Norwegian (NYSE:NCLH) rose 8.2% and Royal Caribbean (NYSE:RCL) added 7%.

Carnival got an extra boost Friday after its German unit AIDA Cruises said it would resume voyages in fall and winter

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