HCN Stock Index drops 6.5 percent
The Home Channel News Stock Index dropped 6.42 percent on Wednesday, to close at 557.69. That’s down 42.4 percent from Sept. 15, the day of the Lehman Brothers bankruptcy announcement.
The Dow Jones Industrial Average declined 5.1 percent on Wednesday, closing at 7,997.28.
Of the 20 companies on the HCN index, only Louisiana Pacific showed a gain. LP shares jumped 21 cents to close at $1.83. On Tuesday, the company announced cost cutting measures including 200 job cuts. Among home channel stocks, Home Depot dropped 4.6 percent, Lowe’s dropped 5.6 percent and The Stanley Works dropped 10.3 percent.