Stocks Rise As Economy
News that higher unemployment and lower manufacturing activity may point to a cooling off of the economy proved consoling to stock market investors in August, as stocks in general as well as those associated with the kitchen and bath market posted healthy gains for the month.
The 51 key stocks of building products manufacturers, distributors, retailers and e-commerce enterprises, as tracked in Kitchen & Bath Design News' exclusive monthly Stock Index, gained 154.71 points, or 5.96%, to close the trading period from Aug. 1 to Sept. 1 at 2749.14. In similar fashion, both the Dow Jones Industrial Average and the NASDAQ recorded solid gains, with the Dow rising 5.96% and the NASDAQ gaining 14.89% (see Market Diary, below).
Of the 51 stocks tracked by K&BDN, advancing issues overshadowed declining issues 30 to 19, with two stocks remaining unchanged. Five of the stocks posted a new annual low, while three rose to a new annual high.
Top gainers for the period included technology-related homestore.com and Autodesk; losing stocks included Whirlpool Corp., Electrolux AB and Home Depot, Inc.