Federal Reserve Chairman Alan Greenspan told Congress today (Jan. 24) that he believes the economy has stabilized and will begin growing soon.
The Fed chairman’s remarks before the Senate Budget Committee sent the vast majority of RV industry-related stocks higher, including Spartan Motors, Thor and Winnebago, all of which reached new 52-week highs.
Greenspan said today that in his speech on Jan. 11, he did not do a good job of choosing his words. As a consequence, he sounded too pessimistic earlier this month.
Today, Greenspan said, “There have been signs recently that some of the forces that have been restraining the economy over the past year are starting to diminish and that activity is beginning to firm.”
Spartan, a manufacturer of ambulances and emergency vehicles in addition to being a supplier of diesel pusher chassis to motorhome builders, was the biggest beneficiary of Greenspan’s more upbeat remarks.
Spartan stock climbed as high as $7.49 a share today, shattering its previous 52-week high of $7.00. Spartan shares closed today at $7.45, up 69 cents, or 10%, for the day.
Meanwhile, Thor shares climbed as high as $47.93, passing the previous 52-week high of $47.60. Thor shares closed at $47.70, up 18 cents for the day.
Winnebago shares gained $1.00 today to close at $42.00, a new 52-week high. Its previous 52-week high was $41.99.