TribLIVE

| Business


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

Dow logs best January in nearly 2 decades

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. U.S. Steel considers temporary shutdown of Minn. plant
  2. Home prices rise as supply still tight
  3. Conventional gas, oil drillers seek rules differing from shale industry in Pennsylvania
  4. Stocks of Pittsburgh-area companies set record in March
  5. Japan snubs China investment bank
  6. Internet gambling results ‘disappointing’ so far
  7. Dominion Resources CEO Farrell made $17.3M in 2014
  8. Pittsburgh region’s unemployment rate stays steady
  9. 6-year stock market rally still going strong, bulls say
  10. Late decline eats into previous day’s stock market gains
  11. Nonprofit Concordia Lutheran Ministries adjusts to marketplace realities