Stocks encounter renewed selling pressure and fall to their lowest
level of the morning. All ten of the major economic sectors are
posting hefty losses.
Only the consumer staples sector has kept its losses below 1%. The
sector is currently down 0.7%, thanks to leadership from Dow component
Coca-Cola (KO 46.78, +0.50).
Consumer staples stocks have held up relatively well this year against
broader market forces. Investors have been attracted to their stable
business of consumer products, which kick off steady earnings and cash
flow.
While the stock market has shed nearly 40% year-to-date, the consumer staples sector is down 17% this year.