The Coca-Cola Company (KO), The Procter & Gamble Company (PG): Cyprus Rejects Bailout Terms, Dow Closes Higher

The Coca-Cola Company (NYSE:KO)

The Dow Jones Industrial Average took investors for a ride today, as the index had a daily range of more than 132 points. The blue-chip index opened higher after positive housing data came from the Commerce Department. But investors soon lost that loving feeling and the markets turned south at midday, which is where they stayed until the announcement that Cypriot lawmakers had rejected the bank deposit tax.

The second jolt of positive news was enough to help the Dow close higher by 3.76 points for the session but not quite enough to keep the S&P 500 or the Nasdaq in the black. The broader S&P 500 closed down 3.76, while the technology-heavy Nasdaq lost 8.49 points.

Although the Dow only rose 0.03%, a number of its components posted gains of more than 1% today.

A few Dow winners

The Coca-Cola Company (NYSE:KO) was one such stock, which rose 1.47%. One of my Foolish colleagues pointed out that Coke is a classic defensive stock, and investors tend to move money into consumer staples when they fear that the markets may soon fall.