Coca-Cola share price hits 16 year high as US stocks get crushed

The Coca-Cola company’s share price has risen to its highest level in 16 years, defying the broader downturn seen in US markets today.

 

Coca-Cola shares rose to a price of $44.11 at around 12:50 in New York, narrowly falling short of the company’s all time high of $44.44 reached on 15 July 1998.

 

The soft-drink giant was swimming against the tide of the US stock market indexes which all fell more than one per cent today.

 

The Dow Jones fell 1.6 per cent to 16,718.3, the S&P 500 1.5 per cent to 1,935.0 while the Nasdaq dropped 1.5 per cent 4,385.2.

 

Following the International Monetary Fund cutting its global growth forecast earlier today, investors appeared to move off risky equities and into US government bonds.

 

Coca-Cola shares have now risen six per cent in 2014, beating both the S&P 500’s 5.3 per cent rise and the Dow Jones’ 1.4 per cent rise.