Investors bet on grocers like Kroger, Costco as Covid cases spook Wall Street
· Shares of grocers, including Kroger, Albertsons and Costco, rose as energy and airlines stocks plummeted on Monday.
· Brian Yarbrough, a retail analyst for Edward Jones, said some investors are flocking back to tried-and-true pandemic names as they get spooked by rising Covid-19 cases and the return of the mask mandate in Los Angeles.
· The rise of the delta variant of Covid has complicated predictions about when people will return to pre-pandemic levels of dining out.
Melissa Repko, CNBC
Jul 19 2021
As U.S. stocks plummeted Monday, investors bet on a familiar category that could grow if Covid-19 cases continue to rise: Grocery stores.
Shares of Kroger, Albertsons, BJ’s Wholesale Club were up as of midday Monday. Costco touched an all-time high of $415.32.
Those stocks were among the rare bright spots on Wall Street, as the Dow Jones Industrial average appears headed for its biggest drop of the year. Several other stay-at-home stocks, including Clorox and Peloton, were also in the green.
Grocers have been some of the biggest pandemic beneficiaries over the past year, as restaurants temporarily shut and shoppers stocked up on pantry staples and cooked at home...
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