Shares of companies that make and sell boats and RVs powered higher Thursday, with many notching new 52-week highs, as investors piled in, drawn by hopes that the Federal Reserve would cut interest rates next year.
Shares of RV manufacturers Winnebago Industries and THOR Industries both rose more than 5%, reaching their highest levels since 2021. Shares of Camping World Holdings, a chain of RV dealerships, climbed 8%.
Shares of boat manufacturer Brunswick rose almost 7%, notching a new 52-week high and moving closer to its all-time high, reached in 2021. Rival boat maker Malibu Boats rose 5%, and shares of boat-and-yacht retailer MarineMax also rose 5%.
Sales of boats and RVs both got a boost from 2020 through 2022, when Americans splurged on pandemic-safe outdoor activities. This year, though, rising interest rates have weighed on sales of RVs, boats and other big-ticket discretionary items that are typically financed over long purchase plans.
Other companies that rely on financed sales also got a boost Thursday. Shares of Harley-Davidson popped 8%, while ATV-and-motorcycle maker Polaris popped 5%.
See the full report from Market Watch here.