Stocks Rise in Face of Tailspin
Fears that corporate earnings may be hurt by continued interest rate hikes sent Wall Street into a tailspin in July, although stocks associated with the kitchen and bath market managed to edge forward, along with the Dow Jones Industrial Average.
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 51.27 points, or 2.02%, to close the trading period from July 3 to Aug. 1 at 2594.93. In similar fashion, the Dow Jones Industrial Average managed to post a 46.28-point gain, up 0.44%, to end the session at 10606.95. Technology stocks, however, were hit hard as the NASDAQ tumbled some 306 points (see Market Diary, below).
Of the 51 stocks tracked by K&BDN, advancing issues overshadowed declining issues 26 to 24; However, 12 of the stocks posted a new annual low, while only two rose to a new annual high.
Top gainers for the period included Homebase and Homestore.com, while Autodesk, Owens Corning and Whirlpool Corp. were among the stocks that lost the most ground.