Abstract
THE THIRD QUARTER GENERALLY was not kind to the U.S. stock market, as the major indexes fell from levels seen at the end of the second quarter. Chemicals, however, more than bucked the trend. C&EN's index of average prices for 25 chemical company stocks increased 2.1% in the quarter to 184.8 (all C&EN indexes are 1992 = 100). In contrast, the Dow Jones industrial average fell 3.4% to 10080.3, the Standard & Poor's 500 was off 1.9% to 1114.6, and the NASDAQ fell 7.4% to 1896.8. The high for the chemical index occurred on the final trading day of the quarter. Chemical stocks, on average, also out-performed share prices at major pharmaceutical companies and at biotechnology and drug discovery firms. C&ENs biotechnology index fell a whopping 8.8% to 418.4,a larger decline than that of the NASDAQ, where most biotech stocks are listed. And the index for nine major drug-makers declined 7.5% to 343.2, although ...
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