Stocks Falter As Rates Rise
Stocks of publicly traded companies with ties to the kitchen and bath industry affected, like the rest of Wall Street, by interest rate and inflation uncertainties faltered in January, after closing 1999 at a record high.
The performance of 47 key stocks of building products manufacturers, distributors and retailers as tracked in Kitchen & Bath Design News' exclusive monthly Stock Index fell 126.15 points, or 4.64%, to close the trading period from Jan. 5-Feb. 4 at 2593.92. In similar fashion, the Dow Jones Industrial Average declined to 10963.80, a loss of 158.85 points, or 1.43%. Of the 47 stocks tracked by K&BDN, declining issues outnumbered advancing issues by whopping 40-to-7 margin; 15 of the stocks fell to new 52-week lows, while eight reached new highs.
Technology issues Homestore.com and Autodesk were among the top gainers for the period, while American Woodmark, Armstrong World Industries and Weyerhaeuser Co. led the list of losers.