Stocks plunge on trade fears
Few companies were spared from Tuesday’s violent market sell-off. With less than an hour to go in the trading day, only 23 stocks in the S&P 500 were up. None of the 30 Dow stocks were higher as that blue chip average plunged about 600 points.
The market’s biggest winner — curiously enough — was American International Group, the insurance giant that was one of the poster children for the 2008 financial crisis. AIG (AIG), a former Dow component, rocketed 7% higher thanks to solid earnings.
Reinsurance companies Assurant (AIZ) and Everest Re (RE) also rose. So did gold miner Newmont (NEM). Gold is a classic hedge against market volatility.
Other winners? GM (GM), Olive Garden owner Darden Restaurants (DRI) and dental equipment company Henry Schein (HSIC). Was it because there weren’t many smiles on Wall Street Tuesday? No. The company also reported healthy results.