Shares in Trib 30 index soar
Mostly on the strength of industrial stocks, the Trib 30 index of local stocks soared to an all-time high of 354.5 in January.
The performance shattered the record of 335.9, which was set only one month earlier.
Nearly half, or 13, of the issues in the index reached new, 52-week highs during the month of January. Of the baker's dozen, eight were manufacturing or related.
Only one stock, FirstEnergy, slid to a new, 52-week low. The utility fell to $39.18 late in the month.
Gainers overwhelmed losers 4-to-1, with 24 stocks increasing in value during January, and only six losing value.
The Trib 30 is an equal-weighted index of stocks of companies headquartered or dominant in Western Pennsylvania. An investor who divided $100,000 equally among the 30 stocks on Dec. 31, 1999, would have a portfolio worth $354,500 at the end of the month.
It was the fourth time in six months that the stock index set a new high. August saw a new high of 316.7, topped by September's 327.9, topped by December's 335.9, and toppled by this month's 354.5.
As impressive as its peak-setting was, the Trib 30's month-over-month gain of 5.5 percent was slightly smaller than that of the Dow Jones industrial average's 5.8 percent increase in January. The Dow ended January at 13,861, compared with 13,104 at the end of December.
Comcast reached a new high of $40.28, setting a new mark each of the last 12 months.
Three stocks hit a new high yesterday, the last day of January: H.J. Heinz, Mine Safety Appliances and Wabtec.
Other manufacturing stocks to set new highs were L.B. Foster, Mylan, PPG Industries and Thermo Fisher Scientific. Wesco, which distributes industrial an other supplies, also set a new high.
The remaining record-setters were Ansys, Bank of New York Mellon, FedEx and NiSource.
Thomas Olson is a staff writer for Trib Total Media.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Kennametal plans plant closings, job cuts in fallout from oil and gas decline
- Natural gas industry buys share of Super Bowl spotlight
- PPG submits offer for French sealants, adhesives business unit
- Trib 30 stocks drop to 4-month low
- Consol Energy posts $74M profit in fourth quarter
- Consumer comes to the rescue as companies step back
- Obama seeks $215M for precision medicine initiative
- Subaru BRZ still needs upgrades
- Wall Street closes January on down note; Dow sheds 251 points
- BNY Mellon is putting iconic Citizens Bank Tower up for sale
- BNY Mellon expands role for treasury exec