Stocks Had Worst Month Since Aug. '99
NU Stock Analyst
It was not a merry month of May for investors in insurance stocks. It was quite the opposite, in fact. I found it necessary to check monthly prices back to August 1999 to find a month with more losers.
Back in August 1999, Hurricane Floyd, one of the most powerful tropical storms of all time, came out of Africa and headed toward the Florida coast. Investors panicked and dumped insurance stocks. Of the 141 stocks priced at the end of August 1999, there were 110 declines and only 30 advances. The average decline was a startling 6.93 percent. The ratio of winners to losers approached one-to-four!
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