published Saturday, June 30th, 2012

Most Chattanooga-area stocks off in 2nd quarter

Photo by Laura McNutt /Chattanooga Times Free Press.
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Despite a big jump in the markets Friday, more Chattanooga-area stocks lost ground in the second quarter than advanced.

Shares of Unum Group, Astec Industries and Cornerstone Bank dropped by double-digit percentages in the period. The broader market indexes also fell in the quarter.

Chattanooga financial adviser James A. Stewart of Edward Jones said investors should look long term and for quality.

"If clients are focused on their goal with quality investments and diversified, these types of situations we're living through right now won't have significant meaning to what they want to achieve," he said.

Friday, stock prices jumped on new hopes in Europe. The EU Summit showed progress on two major issues -- long-term fiscal unity and short-term relief for Spain and Italy.

Renee Haugerud, chief investment officer for New York-based Galtere Ltd., said earlier this month she believes the Eurozone will stay together.

"We need a strong Europe," she said, adding the United States is dependent on it and China.

Haugerud also said she thinks Europe will issue eurobonds eventually, but that decision will need to go through a lot of government channels.

Stewart said that while there's a lot of serious turbulence, including this week's U.S. Supreme Court health care law ruling, clients need to stay focused on what they want to achieve.

about Mike Pare...

Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...

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