As stock markets plunged again on Thursday, a tobacco stock and cereal company were among the few gainers.
Kellogg closed 2.76 percent higher, while Philip Morris International gained 1.5 percent. Both stocks fall in the defensive category of equities, since consumers will still buy cigarettes and eat cereal regardless of economic conditions.
The two stocks were also among just 16 S&P 500 stocks that closed higher Thursday. The broader index fell 3.75 percent and was in correction territory, or more than 10 percent below a recent high. U.S. stocks have dropped over the last week on growing concerns of rising interest rates.
Only seven S&P 500 stocks closed more than 1 percent higher Thursday. Beauty products company Coty led the gainers by far, soaring just over 14 percent after reporting better-than-expected earnings.
Apple, the largest S&P 500 stock by market capitalization, performed better than the overall market, falling 2.75 percent.
The iPhone maker’s stock is “a name to own in volatile market conditions,” Bank of America Merrill Lynch analyst Wamsi Mohan said in a Thursday note. Mohan cited Apple’s large size, low leverage, high cash balance, attractive valuation and growth prospects as reasons to reiterate his buy rating.
