Stocks posted solid gains for the third quarter, although the ride got bumpy at the end.
Stocks fell five days of the last six, including on Friday, the last trading day of the quarter. But the big indices are still up 4 percent or more for three months. They’re ahead 10 percent or more for the year.
Three fourths of Chattanooga’s stock-traded companies increased in value during the past three months. Covenant Transport led the gains among local stocks, rising 23 percent in the quarter, while First Security Bank had the worst quarter with its stock falling by 25 percent in value.
Depite all the anxiety about the euro, Iran, and U.S. politics, investors bid most stocks higher in the three months ended Friday.
Actually, those worries are exactly why stocks are up, said Uri Landesman, who runs the Platinum Partners hedge fund. He notes that investors around the world feel that U.S. stocks look pretty good, compared to some of the alternatives.