Travelers' Profit Jumped 46% and Its Stock Popped 9% While Chip Stocks Crashed. Here's What Drove It.
While tech tumbled, an insurance giant posted one of its best quarters ever.
Overview
Travelers (NYSE: TRV) earned $2.2 billion in the second quarter, up 46% year over year, and its stock jumped about 9% on Friday to close at $368.98. The biggest driver was straightforward: catastrophe losses fell by nearly half.
The rally stood out because of everything around it. Semiconductor stocks sold off hard on Friday as investors questioned lofty artificial intelligence (AI) valuations, dragging the major indexes lower. The insurer rallied anyway.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.