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Stock market posts rebound in 2009

As trading in 2009 neared its close, the U.S. stock market overall appeared certain to post a big comeback for the year.

Among some of the most closely watched local stocks, Paetec Holding Corp. closed 2009 with a bang—a triple-digit increase for the year. The Perinton company’s shares were trading near $4.20 a share midday Thursday compared with a closing price on Dec. 31, 2008, of $1.44. That translates into a 2009 gain of some 190 percent.

Paychex Inc. also was a big gainer for the year. It was trading near $30.90 a share midday compared with its close of $25.09 a year ago—an increase of more than 20 percent.

Xerox Corp. was trading near $8.50 a share midday versus its close on Dec. 31, 2008, of $7.78. That reflects an increase of more than 9 percent for the year and more than 100 percent since its nadir in March.

Constellation Brands Inc. was trading around $16 a share at midday, up 1 percent from $15.77 a share at the close of 2008.

On the negative side, Eastman Kodak Co. was trading near $4.30 a share midday compared with its close on Dec. 31, 2008, of $6.58. That translates into a 2009 drop of roughly 35 percent. The company, however, did improve sharply—110 percent—from its low point of $2.01 in March.

Standard & Poor’s 500-stock index was trading midday near 1121, up from 666.79 at its nadir in March and up from 903.25—or 24 percent—at the close of 2008. The Nasdaq Composite Index was trading midday Thursday near 2285, up from its low of 1,265.52 in March and up from 1,577.03 at the close of 2008, a nearly 45 percent jump.

The Dow Jones Industrial Average appeared headed to close the year near 10500, up some 60 percent from its March low point of 6,440 and up 20 percent for the year.

(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.
 

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