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
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.