Trib 30 stock index continues gains
The Trib 30 stock index dipped slightly in October but still posted a second-highest-ever 424.4 for the month on the strength of manufacturing and bank stocks.
Bank stocks benefited from indications from the Federal Reserve that it would continue its bond-buying efforts to keep interest rates extremely low.
Manufacturing stocks, especially those associated with long-lasting goods, were helped by Commerce Department reports that durable goods orders posted strong gains in September.
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 $424,400 at the end of the month.
The index of local stocks hit an all-time high of 431.0 in September.
Durable goods were largely pushed up by aircraft-related orders. That bodes especially well for suppliers such as Allegheny Technologies and PPG Industries.
Shares of Allegheny Technologies, which supplies titanium to aircraft makers, increased 8.5 percent during the month. PPG, which provides specialty coatings for planes, saw its shares increase 9.3 percent.
The local stock index also underwent a housekeeping change in October. Michael Baker Corp., the construction/engineering firm based in Moon, was dropped from the Trib 30 after being acquired and taken private by Integrated Mission Solutions LLC, an affiliate of DC Capital Partners.
Taking Baker's place is Emerson Electric Co., which designs and makes products for commercial, industrial and consumer markets. While headquartered in St. Louis, Emerson employs nearly 600 people in the Pittsburgh area, as its Emerson Process Management Power & Water Solutions unit is based in O'Hara.
Like several other industrial-related stocks, Emerson benefited from the durable goods news. The shares increased 3.5 percent in October and set a new 52-week high of $67.49 yesterday.
The Trib 30's 1.6 percent decline in October was a poorer showing than the Dow Jones industrial average, around which the Trib 30 was modeled. The Dow ended October at 15,546, or 2.7 percent higher than its September close.
Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or at 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.
- Smartphones expected to overtake desktops for holiday shopping
- Signs of steady U.S. economy: Pay, home sales up, unemployment applications down
- Nutritional supplement makers, led by GNC, want to create voluntary safety standards
- Take steps to make it harder for holiday hackers
- Collectors willing to overpay for silver, value ‘all in the eye of the beholder’
- Western Pa. conference aims to connect veterans with businesses with contracting experts, specialists
- Retailers, tech stocks push market to strongest week of the year
- Many Black Friday deals not worth the hassle
- Economic impact of fracking strong at regional, state levels, Dartmouth researchers say
- Auto review: Cadillac CTS-V makes big impression with speed, power, comfort
- Nigerian president vows to alter decades-long culture of corruption