Two of the most boring stocks on the Dow just had their best months in years. Coca-Cola (NYSE: KO) and Procter & Gamble (NYSE: PG) are both up by double-digit percentages over the past month or two, with the beverage giant hitting a fresh all-time high and the household goods powerhouse logging its best single trading day since the pandemic crash. Given that these two stocks usually move far more gently, it would be wise to take a careful look at what drove those runs before deciding whether to chase them. Image source: Getty Images. My short answer to the question of what powered these stocks' surges is fear, not a sudden appreciation for dividends. Tech and AI-related stocks sold off hard in mid-October on worries about AI capital spending, and that money had to go somewhere. Consumer staples companies -- the boring, recession-resistant businesses that sell things people keep buying whether the economy is good or bad -- became the landing pad. The sector's valuation has climbed by enough that strategists now describe what's happening as a defensive rotation rather than a sign of stronger demand.
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