Cloudy, With a Gold and Silver LiningMost industry indexes posted hefty losses, but there was one notable winner, and several individual stocks posted healthy gains. Not surprisingly, the American Stock Exchange Airline Index dropped dramatically, losing 58% for the year to date. This follows a 50% decline in 2001. The weak economy, labor woes and continued fallout from Sept. 11 ultimately led to bankruptcy filings for US Airways and UAL, the parent of United Airlines. The sleeper of the year -- and a company that isn't part of the Amex airline index -- was Ryanair ( RYAAY). The Ireland-based low-cost, short-haul carrier has seen its shares climb 29% so far this year.
|Another Rough Year |
How the major indices looked by mid-December
|Index||High||Low||12/18/2002 Close||YTD % Change|
|Dow Jones 30||10635.25||7286.27||8447.35||-15.8|
|Source: TSC Research|