[Reuters] With virus cases rising in Italy and several Middle Eastern countries dealing with their first infections, fears of a global pandemic sent markets into a tailspin, even as China eased curbs with no new cases reported in Beijing and other cities.Clorox Co, a supplier of bleach and other cleaning products, was one of the top percentage gainers in the S&P 500 and one of two stocks in positive territory in the consumer staples sector, which tends to be seen as a relatively safe bet even in a weak economy.
Other outperformers in the staples sector included tissue maker Kimberly-Clark and food suppliers such as Hormel Foods, and Campbell Soup Co as investors bet on rising demand in the event consumers have to prepare to stay at home if the virus keeps spreading.
"These products are going to be more in use than others in the group given the spreading of the virus. It’s a knee-jerk reaction," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago though he said it was too early to say whether consumers would end up stockpiling anything.
