Fastener Stocks Weather Stock Plunge
FEATURE
Fastener stocks weathered the stock plunge on August 4, when global economic fear drove the Dow down 512 points — the single worst day since the 2008 financial crisis.
Public companies with fastener operations lost 3.8% of share value on August 4, less than the 4.31% the Dow lost on the same day.
The Dow recovered part of its lost value the next day, gaining 72.88 points by the close on Friday. Fastener stocks staging a similar rebound, ending above Thursday’s low but without regaining the full extent of their losses from Thursday’s plunge.
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.
Come back next week for the first half of 2011 review. ©2011 GlobalFastenerNews.com
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