Trib 30 local stock index remains steady through June
The Trib 30 held its ground in June, a month in which news about a strengthening economy gave way to concerns about the Federal Reserve and interest rates.
The local stock index ended June at 382.3, barely budging from its close of 382.2 at the end of May. But losing stocks outnumbered gainers 2-to-1 at the end of a volatile month of trading.
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 $382,300 at the end of the month.
Recent economic reports showed the economy is strengthening. Home prices are recovering, the jobs picture is brighter, consumers are spending, and their incomes are rising.
But traders seemed unsure how to interpret the Federal Reserve pronouncements about bond buying and its efforts to hold interest rates at attractively low levels.
Banks in the Trib 30, however, seemed to benefit. Four of the five in the index rose over the month, including PNC, which hit a 52-week high.
A housekeeping note: The Trib 30 made a change to its 30-stock roster this month. The giant food processing company H.J. Heinz Co. was taken private by Warren Buffett's Berkshire Hathaway and 3G Capital in a $28 billion transaction that closed June 7.
Heinz has been replaced with Eaton Corp. (ticker: ETN), a diversified power management manufacturer with a significant presence in Western Pennsylvania. The company, whose electrical group is based in Moon Township, employs about 1,300 people in this region at four locations.
This month's Trib 30 index also reflects a 2-for-1 stock split by Wabtec. The rail supplier's split was effective June 11.
Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or email@example.com.
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
- BNY Mellon expands role for treasury exec
- BNY Mellon is putting iconic Citizens Bank Tower up for sale
- Almost half of households exhaust their income
- Fight to lift crude export ban grows
- Traders in oil playing risky game
- Credit card privacy a myth, study shows
- MSA Safety products in demand to protect workers in dangerous jobs
- Wolf signs ban on new drilling beneath state land
- Alibaba finally called out on counterfeits
- McDonald’s works to recapture golden status