DEE-fense! DEE-fense! Should Investors Heed the Cheer?
It's an old saw in football: Defense wins championships. The same held true for Wall Street last year. With all the volatility in the markets of 2000, defensive stocks -- those of companies whose earnings are seen as being most resistant to a slowing economy -- were all the rage. While the Dow and tech-heavy Nasdaq were en route to some sizable losses, defensive issues such as Merck (MRK ), Boeing (BA ), and Philip Morris (MO ) posted impressive gains.
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