TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Dow logs best January in nearly 2 decades

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

By The Associated Press

Published: Thursday, Jan. 31, 2013, 6:04 p.m.

NEW YORK — The Dow logged its best start to the year in almost two decades.

Stocks rallied in the first week of the year when lawmakers reached a deal to avoid the “fiscal cliff,” and then pushed higher toward record levels as optimism about the housing market recovery grew. Decent company earnings for the fourth quarter and an improving job market also helped lift markets.

The Dow Jones industrial average ended the month up 5.8 percent, its strongest January since 1994, according to S&P Capital IQ data. The Standard & Poor's 500 finished the month 5 percent higher, its best start since 1997.

Stocks have benefited as investors put money into equities in January. About $51 billion in net deposits was moved into stock funds and so-called hybrid funds, which invest in a mix of stocks and bonds, consultant Strategic Insight said Thursday. That's the most since $56 billion flowed in during January 2004.

On Thursday, stocks drifted lower as investors digested earnings results and reports.

The Dow Jones industrial average fell 49 points to 13,860.58. The S&P 500 dropped 4 points to 1,498.11 and the Nasdaq composite was little changed at 3,142.13.

The Dow is just 304 points from its all-time high.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Higher fuel costs help established airlines, hinder startups
  2. GlaxoSmithKline discloses  bribery inquiries
  3. Consol Energy transitions as leadership changes hands
  4. Yellen stresses need for Fed to be flexible
  5. Fed Beige Book survey: Growth picks up across most of U.S. but not in Pittsburgh region
  6. Region’s largest bank PNC posts 7% rise in 1Q profit
  7. Mt. Gox bankruptcy protection rejected
  8. Robinson bakehouse invests time, love in artisan products
  9. Heinz offers Pittsburgh workers a buyout if they are unhappy
  10. Consumer price index up 0.2 percent in March
  11. Factory output extends solid gains in March
Subscribe today! Click here for our subscription offers.