It's always more fun
to look at the big picture.
Looks like room to grow...
Posted on 05/30/2003 12:51:44 PM PDT by Pyro7480
Dow nears 2003 high as stocks rally
Friday May 30, 2:59 pm ET
By Steve Gelsi
NEW YORK (CBS.MW) -- Stocks rallied Friday, sending the Dow close to five-month highs, as investors took heart in a strong report on regional manufacturing activity.
U.S. authorities also lowered the terrorist threat level to yellow from orange in a positive move on the geopolitical front.
All but two of the blue chip index's 30 components traded higher, with the biggest gains in American Express, Caterpillar, Boeing, Home Depot and Coca-Cola. Wal-Mart and Intel dipped slightly.
The Nasdaq, meanwhile, is closing in on a one-year high while the S&P 500 reached a fresh nine-month peak.
The Dow Jones Industrial Average (CBOT:^DJI - News) piled on 130 points, or 1.5 percent, to 8,840. The blue chip index traded near its high close of the year at 8,842 set back on Jan. 14.
The Nasdaq Composite (NasdaqSC:^IXIC - News) rallied 18 points, or 1.1 percent, to 1,592. The tech-heavy index is approaching its 52-week high of 1,631 set on May 30 of last year.
The Standard & Poor's 500 Index (CBOE:^SPX - News) ascended 1.3 percent while the Russell 2000 Index (CBOE:^RUT - News) of small-capitalization stocks advanced 1.7 percent.
Chip and hardware issues spearheaded advances in the tech sector while broader market gains were clustered in the biotech, oil service, retail and defense sectors.
Volume totaled 1.2 billion on the NYSE and 1.8 billion on the Nasdaq Stock Market. Market breadth was extremely positive, with advancers taking out decliners by 23 to8 on the NYSE and by 21 to 10 on the Nasdaq.
The day's spate of data offered some good news on the long-beleaguered factory sector -- which has been a major drag on the economy. The May Chicago Purchasing Mangers index sprinted to 52.2 percent, up from April's 47.6 percent and more than the 49 percent that had been expected by economists. Any mark over the 50 level signals factory expansion.
"The Chicago PMI was the catalyst for the advance," said Bryan Piskorowski, market commentator at Prudential.
And though the strategist said resiliency has been "the market's mantra of late," he feels that next week's reports on manufacturing and the labor market will be crucial. "The question is: How bullish will people get ahead of next week's numbers?"
Piskorowski said the market has been giving the economy the benefit of the doubt. Now the data need to deliver to maintain and extend gains.
In economic other news, the University of Michigan's final reading on May consumer sentiment rose to 92.1 from April's 86. The index was lower vs. the preliminary reading of 93.2 and less than economists' expectations for a 92.6 reading.
Rounding off the day's data, personal incomes were flat in April while personal consumption expenditures slipped 0.1 percent in the same month. Economists had expected a flat reading for incomes but had anticipated a 0.1 percent increase in spending.
On the fund flow front, Trim Tabs estimated that all equity funds had inflows of $2.6 billion during the week ended May 28 compared with outflows of 1.4 billion in the prior week. And equity funds that invest primarily in U.S. stocks saw outflows of $300 million vs. outflows of $100 million during the prior week. Finally, bond funds got an infusion of $1.4 billion vs. inflows of $2 billion the prior week.
Ned Riley, chief investment strategist at State Street Global Advisors, said the Chicago-area manufacturing report kicked the rally into high-gear. "Momentum is clearly on the side of the bulls," he said.
Finally some good manufacturing news at last.
Tom Dasshole is deeply saddened.
You are correct....... They're doomed
Cheerleaders are all at their ready marks, I see.
I think they may continue to try to stop it..... or, time to break out the 'ole standbys..... starving children, throwing old people down the stairs, and general class warfare tactics...
UUUUUUUHHHHHHHHHHHHHH, really???????????
My parents came of age just when the depression hit. They have literally lost millions of dollars over their lifetime by refusing to invest in the stock market.
After WWII it took thirty years to elect a dove, Jimmy Carter. Vietnam, of course, caused a blip in voting patterns, but not a sea change.
911 is in fact, not as destructive as either the depression or WWII, but it is the first major attack on an American city, and it brought with it the promise of further attacks. Politocs will not allow anything like a dove or dove party to assume power until the threat is gone.
I love that word... Its appearance in a headline or the first paragraph is a virtual guarantee that I'm about to read a huge steaming pile of caca del toro.
It's always more fun
to look at the big picture.
Looks like room to grow...
Well, what's a journalist supposed to do? They don't understand economics. So they get in there and do those "human interest" stories, the ones that can win them prizes and promotions. The "solution" to the "plight" of the "disadvantaged" and the "underpriveleged" is, of course, more taxation and bureaucracy. It's "compassion" you insensitive cad!. Journalism 101.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.