Disney climbs to record highs as California sets date to reopen theme parks
Disneystock hit an all-time high around $203 in heavy trading Monday. Californiais allowing for the limited reopening of amusement and theme parksin April.
- The parks may not open if they operate in counties with the highest restrictions due to COVID-19.
Walt Disney shares climbed to their highest on record Monday after California set out guidelines for businesses to reopen theme parks following their closures because of the COVID-19 pandemic.
The state's Health and Human Services agency on Friday said additional activities will be permitted at amusement and theme parks beginning on April 1 based on a four-tiered system.
Investors started the week by pushing Disney shares to an all-time high of $203.02. The stock ended the session up by 6.3% to $202.02. Volume of roughly 24 million shares was stronger than average daily volume of 12.3 million shares.
Companies can open their parks with various capacity limitations only if the counties in which they operate are not under the state's most restrictive "purple" tier which indicates widespread COVID-19 transmissions.
Under the least restrictive "yellow" tier, larger parks can open with capacity limited to 25%, with reservations or advanced ticket sales required.
Disney runs Disneyland Park and Disney California Adventure Park.
Disney shares led gainers on the Dow Jones Industrial Average, which closed up more than 300 points at 31,802.44.
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