After encouraging vaccine announcement, stock market winners include several local companies

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Categories: -The Daily Gazette, Business, News

The U.S. stock market soared Monday on positive news about a COVID vaccine and an apparent resolution to the presidential election over the weekend.

The Dow, S&P 500 and Nasdaq stock indexes all hit record highs at various points during trading Monday, though each settled a bit by closing, with the Nasdaq actually ending in negative territory.

Big gainers included several companies with a Capital Region presence:

  • Angiodynamics, 4.92%
  • Arrow Financial, 7.12%
  • Plug Power, 7.69%
  • General Electric, 7.79%
  • Pioneer Bancorp 7.79%
  • TrustCo Bank Corp., 13.14%
  • KeyCorp, 18.56%
  • Berkshire Hills Bancorp, 21.23%

For long-suffering owners of General Electric stock, Monday’s jump continued a nice upswing: Share price is up 27% in the past month, rising from a close of $6.84 on Oct. 9 to a close of $8.72 on Monday.

Many of Capital Region residents once held stock in General Electric, which was born in Schenectady and for decades provided a livelihood for so many of the region’s residents.

But many sold off their stock in recent decades, or held on and watched its value evaporate.

In 24 months, GE shares plunged 79% to close as low as $6.71 in December 2018.

Then — amid turnaround efforts by new CEO H. Lawrence Culp, which included slashing the dividend to 1 cent per share per quarter — the stock began a roller coaster ride that continues today.

  • GE’s share price soared to close as high as $10.88 in February 2019 (62% jump).
  • By August 2019 it went as low as $7.93 (27% drop).
  • In February 2020 it peaked at $13.16 (66% jump).
  • By May it dipped as low as $5.49 a share (58% drop).
  • By June it rose as high as $8.46 (54% jump).
  • By July it was back down to $6.07 (28% drop).

And so on.

GE stock ranged from $8.61 to $9.41 in heavier than average trading Monday before closing at $8.72.

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