8/8/2011 3:22:00 AM
HEADLINES
North American Fastener Stocks Drop 10.6% in 3 Trading Days
Stocks around the world plunged August 4 to 8, 2011, with the Dow Jones Industrials dropping to below 11,000 for the first time since November 2010.
The FIN Fastener Stock Index of public companies with fastener operations fell 10.6% during the three trading days – steeper than the 9.1% decline in the Dow Jones Industrials.
The Dow had closed at 11,896 on August 3.
The S&P credit downgrade for the U.S. and potential default by several European countries were among the reasons attributed for the fall.
• The reversal comes after the FIN Fastener Stock Index grew 8.3% during the first half of 2011, outperforming the 6.6% increase achieved by an index of related industrial stocks.
• First-half results included a 3.4% rise during the second quarter of 2011, which bested the 3.1% gain achieved by an index of related industrial stocks.
Industrial stocks proved a safe bet for investors in 2010, helping to drive up the FINdex 34% — its second straight year of gains of 30% or more. The 2010 FINdex nearly tripled the performance of an index of related industrial stocks, which increased 12.2% during the year.
GlobalFastenerNews.com subscribers may access the past three-year summaries of the 18 North American fastener stocks by clicking on FIN Stock Review.
Non-subscribers may purchase the history of each of the stocks for the past three years by clicking on Article Store. ©2011 GlobalFastenerNews.com
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