Shares of Procter & Gamble Co. PG slumped 1.6% toward a 2 1/2-month low in midday trading, enough to pace the Dow Jones Industrial Average’s DJIA decliners, as optimism over a debt-ceiling deal took investors’ focus away from the safety of the consumer staples sector. The stock of P&G, which is the parent of staples brands such as Tide, Pampers, Tampax and Gillette, was falling as the Consumer Staples Select Sector SPDR exchange-traded fund shed XLP 1.
slid 2.5%. That compared with the 0.6% gain in Consumer Discretionary Select Sector ETF XLY , which was led by the 4.9% rally in Ford Motor Co.’s stock F and Tesla Inc. shares’ TSLA 3.9% jump.
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Source: Reuters - 🏆 2. / 97 Read more »