Why Allstate's Stock Price Dropped 7.7% in July
July was the best month for the stock market since November 2020, but the rising tide didn't raise all boats. Allstate Corporation (NYSE: ALL) is one of those stocks that had a rough month, dropping 7.7% in July, according to S&P Global Market Intelligence.
It fell well short of the S&P 500, which was up 9.1% in July, and the Nasdaq Composite, which gained 12.4% in the month.
Insurance stocks have been among the best performers this year, benefiting from higher interest rates. Allstate is only down 3% year to date as of August 3, and that includes a 7.7% decline in July and another 3% drop since Aug. 1.
Source Fool.com
