So long as the U.S. stock market is held “hostage” to Europe’s ongoing debt crisis, investors should protect their portfolios with stocks that provide “domestic security,” said Jim Cramer on CNBC’s “Mad Money.” In other words, Cramer recommends investors consider U.S. companies with no overseas exposure.
Take Consolidated Edison, for example. The New York-based utility company provides gas and electricity for millions of customers in the greater New York City area. It will likely soon take on more customers, too, as residential construction is projected to climb to record levels next year.
Best of all, though, Cramer likes the stock’s 4.1 percent dividend yield. ConEd has raised its dividend for the last 38 consecutive years, too, making it the only utility in the S&P 500 with 30 or more consecutive years of dividend boosts.
To learn more about the company’s prospects, Cramer welcomed CEO Kevin Burke onto Tuesday’s program. Check out the video to see the entire interview.
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