Stocks Rise in Face of Tailspin

by WOHe

STOCKWATCH

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.

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