The stock market expressed its disappointment with the size of the interest rate cut announced by the Federal Reserve Tuesday (March 20).
The Dow Jones Industrial Average fell 238 points, or 2.4%, and the Nasdaq composite plunged 94 points, or 4.8%, on Tuesday.
The declines occurred after the Fed announced at 2:15 p.m. Eastern Time that it lowered interest rates 1/2%. Apparently, many investors were disappointed the Fed did not lower rates 3/4% or more.
Most RV company stocks closed slightly lower Tuesday, although an exception was conversion vehicle producer and auto industry supplier Starcraft Corp.
Starcraft declined 7/16, or 23%, to close Monday at 1 7/16 after disclosing that it faces delisting by the Nasdaq SmallCap Market. But on Tuesday, Starcraft gained 5/16, or 22%, to close at 1 3/4.
Here is a roundup of the other RV company activity on Tuesday:
Fleetwood declined 8 cents to close at $9.79
Winnebago declined 19 cents to close at $16.81
Thor declined 75 cents at $23.25
Coachmen declined 24 cents to close at $9.46
Monaco gained 1 cent to close at $17.41
National RV declined 15 cents to close at $9.50
Skyline declined 7 cents to close at $23.35
SMC was unchanged at 3 1/2
Holiday RV Superstores was unchanged at 3 7/8
Rexhall declined 1/8 to close at 5 1/8
Kit was unchanged at $2.95
Coast Distribution was unchanged at 74 cents
Featherlite declined 1/16 to close at 1 13/16
Spartan Motors was unchanged at 3 1/4