NEW YORK -- Supermarket shares as a whole fared about as poorly as the overall stock market in last week's dramatic downturn.
d and Giant Food, Landover, Md., were hurt more than the average.
However, stocks that had been recommended by securities analysts, including Kroger and Safeway, "sprung back" from the turbulence and are approaching their 52-week highs, Vineberg said.
The Dow Jones industrial average has fallen 8% since its March 11 peak of 7,085.16. Many analysts believe stocks are going through a "correction," or adjustment, after a sharp upturn in prices.
Vineberg estimated that between Monday and Thursday last week, the S&P 500 dropped 1.1%, while supermarket stocks, on a weighted basis, dropped 1.6%.
"Supermarket stocks held up well prior to the correction, and although they gave a little, they've come back," Vineberg said. "People are clinging to in-favor stocks and selling others."
