Broader Market Falls, RV Shares Decline
The Nasdaq composite and Dow Jones Industrial Average both fell sharply Wednesday as investors assumed the Federal Reserve will not lower interest rates for at least three weeks.
Most RV company stock also closed lower.
The Dow fell 142 points, or 1.3%, and the Nasdaq slipped 56 points, or 2.5%, on Wednesday.
The sell-off occurred after Fed Chairman Alan Greenspan told Congress he was worried about a recession. But several market analysts felt the tone of Greenspan’s remarks suggested the Fed would not reduce rates prior to its next regularly scheduled meeting on March 20.
Here is a roundup of RV stock price activity on Wednesday:
Fleetwood declined 32 cents to close at $12.05
Winnebago declined 75 cents to close at $17.00
Thor declined 3 cents to close at $24.67
Coachmen declined 10 cents to close at $11.20
Monaco gained 22 cents to close at $20.02
National RV declined 10 cents to close at $10.75
Skyline declined 2 cents to close at $24.45
SMC was unchanged at 3 1/4
Holiday RV Superstores declined 5/16 to close at 4 3/16
Rexhall was unchanged at 6
Kit was unchanged at $3.75
Coast Distribution was unchanged at 75 cents
Featherlite was unchanged at 2
Spartan Motors declined 3/16 to close at 3 1/16
Starcraft declined 1/2 to close at 1 7/8