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<< Previous   of   Next >>   ADVERTISEMENT   Local index For more on the Abarim index, go to http://www.abarim.com/ascsi.htm.   Related Stories • Hang on for dear life 10/14/08   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Tuesday, October 14, 2008 Stocks leap for 10 local companies The businesses are in a variety of industries, but all benefited from Monday's rally. By Yoshiaki Nohara Herald Writer Stocks for Snohomish County-based companies on Monday rose amid the biggest single-day stock rally on Wall Street since the Great Depression, following the market carnage over the last two weeks. All 10 of the local publicly traded companies listed on the Abarim Snohomish County Stock Index increased, said Edmonds businessman Tim Raetzloff, who created the index. Those companies are in different industries, such as financial, retail and biotechnology; their stocks don't usually fluctuate at the same time. "To have 10 companies up in a day, I honestly can't tell when it happened last," said Raetzloff, who has tracked the index for 14 years. "It's a very, very rare occurrence." The index lists only companies whose share price is $1 a share or higher. In spite of Monday's surge, the 10 companies did not recover all the losses incurred over the last two weeks. For example, CityBank rose to $14.06, up 12 percent from Friday. The Lynnwood company's share was at $15.60 at the end of the third quarter on Sept. 30. That's a decline of close to 10 percent in less than two weeks. The Abarim stock index reflected the huge rebound Monday in stock markets nationwide. The Dow Jones industrials gained more than 11 percent, its biggest one-day rally since 1933, and gained 936 points, shattering the previous record for a one-day gain of 499. That record was set during the waning days of the technology boom in 2000. At the close, the Dow stood at 9,387.61. That's still a far cry from its peak of 14,165, set a little more than a year ago. History suggests Wall Street could have a long climb back to the top of the mountain. The surge came as executives from leading banks were summoned by the Bush administration to Washington, D.C., to work out a plan to get loans, the lifeblood of the economy, moving again. And it followed signals that European governments would put nearly $2 trillion on the line to protect their own banks. While no one was saying the worst was over for the staggering financial system or the troubled economy, buyers on Monday returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices. For Wall Street, the surge came not a moment too soon. The dismal week before wiped out about $2.4 trillion in shareholder wealth. The eight-day losing streak drained 2,400 points from the Dow, or 22 percent -- roughly equal to the 1987 crash and enough to establish a bear market all on its own. The massive rebound also pushed the Nasdaq composite index higher by 195 points, or nearly 12 percent, its second-biggest gain in percentage terms. The Standard and Poor's 500 rose 104 points, its biggest point gain ever and an 11.5 percent gain, its greatest since 1933. About 3,030 stocks advanced on the New York Stock Exchange, while only about 160 declined -- a reversal from last week, when declining stocks overwhelmed the gainers. But the trading volume of 1.82 billion shares was lighter than it had been last week, suggesting there was less conviction in the buying than during last week's selling. The market rally on Monday was good for numerous companies, including the 10 firms in Snohomish County, Raetzloff said. But it still remains to be seen whether Wall Street continues to recover. There are many scared investors holding their stocks, Raetzloff said. If they start selling their holdings, the financial market could plunge again. "I think we are still in the bear market," he said. "It may have ended, but I don't think it has." The Associated Press contributed to this report. READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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