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.