TribLIVE

| Business


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

Trib 30 stock index continues gains

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.

Related .pdfs
Can't view the attachment? Then download the latest version of the free, Adobe Acrobat reader here:

Get Adobe Reader

Daily Photo Galleries

Business Photo Galleries

By Thomas Olson
Friday, Nov. 1, 2013, 12:01 a.m.
 

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 tolson@tribweb.com.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Small retailers at intersection of social networks, foot traffic
  2. Woman on dating site looks too good to be true: How to vet that pic
  3. 153-year-old Venango well pumps out oil, history
  4. Business Council for Peace program works to export profits, peace
  5. Test-tube tuna may be sea change
  6. In ‘StockCity,’ real investing like game
  7. Iron ore price decline hurts U.S. Steel’s cost advantage over rivals
  8. Kia’s 1st electric vehicle charges fast, goes distance
  9. Ford: Aluminum-body truck to get 26 mpg
  10. Know flat-rate repair times
  11. U.S. Steel reorganizes operating units
Subscribe today! Click here for our subscription offers.