Stocks rebound from Brexit vote but most Chattanooga area companies down for the year

FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are opening moderately higher on Wall Street on Thursday, June 30, 2016, as traders feel less anxious about Britain's vote a week earlier to leave the European Union. (AP Photo/Richard Drew, File) FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are opening moderately higher on Wall Street on Thursday, June 30, 2016, as traders feel less anxious about Britain's vote a week earlier to leave the European Union. (AP Photo/Richard Drew, File)

By Staff and wire reports July 1, 2016 4 min read

Local stocks in 2016

Shares declined in five of the seven stock-traded companies in Chattanooga in the first six months of this year: – Astec Industries – $56.15, up 38 pecent so far this year. – Mohawk Industries – $189.76, up 0.1 percent. – Covenant Transport – $18.07, down 4.4 percent – Unum Group – $31.79, down 4.5 percent – Miller Industries – $20.59, down 5.5 percent – CBL – $9.31, down 24.8 percent – Dixie Group – $3.56, down 33.2 percent – Dow Jones Indusrials – 17,929.99, up 2.9 percent. – S&P 500 – 2,098.86, up 2.6 percent

Investors remained in a buying mood Thursday, driving U.S. stocks broadly higher for the third day in a row to reverse most of the losses suffered immediately after Britain’s vote last week to leave the European Union.

The overall stock market is now up about 2.7 percent so far in 2016. But most of Chattanooga’s publicly traded companies didn’t fare so well in the first six month of 2016.

Five of the seven stock-traded companies headquartered in the Chattanooga area lost value in the first half of the year, including two companies whose shares plunged by more than 20 percent.

Despite this week’s gains in the overall market, shares of Dixie Group fell 33.2 pecent and shares of CBL & Associates Properties were off 24.8 percent in the first half of 2016. Dixie, which shed nearly 43 pecent of its value last year and continued to drop this year, has been hurt by continued losses from sales declines in its carpets. CBL was hurt by revelations of a Securities and Exchange Commission probe of four loans made in 2011 and 2012, combined with lingering investor concerns about retail cutbacks at shopping malls and retail centers.