Dow logs best January in nearly 2 decades
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
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.
- Hospitals, doctors in Pa. received $32M in 5 months from drug, medical device companies
- LNG exports get federal approval from Dominion’s Cove Point terminal
- Google Pittsburgh instrumental in fight against hackers, co-directors say
- EPA says greenhouse gas releases from wells, pipelines decline
- Retirement planning is about more than just money
- Cranberry-based Prodigo Solutions: Hospitals can reduce high supply costs
- Western Pa. unemployment rate holds steady in August
- Education spending helps to widen wealth gap
- Jobless baby boomers struggle to get back in game
- Trib 30 index of Pittsburgh-area stocks falls in September
- Shareholders cheer eBay’s decision to spin off PayPal