TAMPA, Fla. - News of a vaccine for COVID-19 turned stocks upside down Monday with possible benefits for Florida and the Tampa Bay Area.
The Dow Jones Industrial Average was up more than 800 points with gains in travel-related stocks like Boeing, Disney, and Carnival Cruise Lines.
“If there’s a vaccine and it's effective, this is going to be a big turnaround for companies in Florida and for citizens like you and me,” said Geoff Simon, an investment expert with Raymond James.
He said millions of vacationers could return to the Sunshine State where the hospitality industry has suffered devastating losses since the pandemic began last March.
Companies that are part of the stay at home economy lost stock value Monday. Zoom, Netflix, and even Amazon were down.
“If the pandemic is going to come to an end, maybe those stocks have run too far too fast,” said Simon.
If the economy does continue to improve Simon says mortgage interest rates will rise.
“For people who are looking to borrow money for mortgages, the interest rates will definitely go up if this trend continues,” said Simon. “But keep in mind they are still close to historic lows.”