×

Sector Snap: Fast food chains climb

Shares of the nation's most popular fast food chains climbed Monday as the broader market rallied and McDonald's Corp. reported April sales growth.

The world's largest burger chain said revenue at locations open at least a year climbed 4.9 percent in April. In the U.S., the metric rose 3.8 percent — another sign diners seem more willing to spend as the economy recovers

Revenue at restaurants open at least a year is a key performance indicator because it measures growth from existing locations rather than newly opened ones.

McDonald's shares climbed $2.77, or 4.1 percent, to $70.78 in afternoon trading while Burger King Holdings Inc. shares rose 93 cents, or 4.8 percent, to $20.24.

Wendy's/Arby's Group Inc.'s stock gained 30 cents, or 6.4 percent, to $5.02 while shares of Taco Bell and KFC owner Yum Brands Inc. rose $2.29, or 5.8 percent, to $41.90.

Meanwhile, the major U.S. stock indexes were up at least 3 percent in afternoon trading after the European Union announced a $1 trillion plan to rescue the euro from the continent's debt crisis.