Trib 30 index of stocks push to record high
The Trib 30 index of local stocks pushed to a record-high 383.0 in April amid reports of renewed consumer confidence, up-beat first-quarter earnings and expectations that interest rates would remain low.
The local index extended its string of all-time highs to five straight months, dating back to December's close of 335.9 and besting March's 378.1.
Three out of four utilities in the Trib 30 index set 52-week highs during April, which included reports last week that the U.S. economy grew by an annualized rate of 2.5 percent in the first quarter — a sharp rebound from the anemic 0.4 percent rate during the fourth quarter.
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 $383,000 at the end of the month.
April had 10 of the 30 stocks in the Trib 30 hit new highs, while only two (Alcoa and U.S. Steel) fall to new lows. U.S. Steel yesterday reported a $73 million loss for the quarter, a narrower deficit than a year ago but worse than for the fourth quarter. Alcoa posted better-than-expected earnings but its sales were lower than expected.
Consumer confidence climbed more than forecast in April to a five-month high, said the Conference Board. Investors expect the Federal Reserve Board to keep interest rates low when it concludes a two-day meeting today.
Three out of five bank stocks in the local index recorded gains last month over March. PNC set a new high in April, when it reported strong earnings from adding customers and pockets of growth in demand for commercial loans.
Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or firstname.lastname@example.org.
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.
- Lower gasoline prices fail to spur consumer spending
- Oil prices continue descent, dragging market indexes lower
- Retailers that won’t open on Thanksgiving hope move pays off
- Housing prices nudge upward as more homes on market
- Google applies tech to medical device
- Thanksgiving deals called the best
- Woman on dating site looks too good to be true: How to vet that pic
- Household debt on the rise after 5-year decline
- Federal agency checking whether Highmark has enough doctors in Medicare plan
- Butler County firm Deep Well Services tackles tough gas wells
- Stocks mixed on Japan