Industry Stocks Drop 11 Points
The Hard Fax Composite of home
improvement industry stocks fell 11 points in the most recent week of trading
to end at 970 as of Monday’s close, down from 981 the week before. During the
week, both Home Depot and Lowe’s managed gains, rising 16 and 23 cents
respectively. Year-to-date the market basket of 27 industry stocks is up just
three points.
The broader Dow also declined on
the week, falling 164 points to end at 10010, or minus four percent for the
year.
The economic situation in the
country did not show any signs of improving in the past week as unemployment
continues to act as an anchor preventing positive movement. Also during the
week, the government revised its estimate of GDP for the second quarter
downward to 1.6 percent from 2.4 percent, further dampening any hopes for an
immediate rebound in the economy.
-TVG
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