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Old 06-02-2003, 01:57 PM   #1
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Dow climbs over 9,000

By HOPE YEN
AP Business Writer

June 2, 2003, 1:46 PM EDT


Better-than-expected manufacturing data powered Wall Street higher Monday as investors grew confident the economy is improving. The Dow Jones industrials climbed more than 140 points to above the 9,000 mark, the first time since December.

"This is a market that continues to look for evidence the recovery is happening quicker than anticipated, and the manufacturing number gives us further evidence of that," said John C. Forelli, portfolio manager for Independence Investment LLC in Boston.

"The economic activity is slow to improve but the market is optimistic," he said. "For the market, the glass is half-full -- as opposed to three-quarters empty as it had been for a while."

In the early afternoon, the Dow was up 149.93, or 1.7 percent, at 9,000.19, following a weekly advance of 2.9 percent last week. The last time the Dow rose above 9,000 during the day was Dec. 2, 2002; the last time the blue chips closed above 9,000 was Aug. 22, 2002, when they stood at 9,053.64.

The broader market was also sharply higher. The Nasdaq composite index advanced 24.11, or 1.5 percent, to 1,620.02, after gaining 5.7 percent last week. The Standard & Poor's 500 index rose 15.10, or 1.6 percent, to 978.69, having risen 3.3 percent last week.

The Institute for Supply Management reported that its manufacturing index was 49.4 percent last month, up from 45.4 in April. A reading below 50 means manufacturing activity is slowing; still, the figure was better than the 48.5 that economists were expecting.

However, the Commerce Department said spending on construction projects dipped by 0.3 percent in April from March to a seasonally adjusted annual rate of $862.6 billion. It was the third straight month that spending fell and was weaker than the 0.2 increase analysts were expecting.

Stocks have surged in recent weeks on a wave of better-than-expected earnings and positive economic data. Analysts say investors are increasingly upbeat about an economic rebound by year's end, although the market is still vulnerable to sharp declines on profit-taking.

"At some point, we're going to have to see very strong economic and earnings news to keep the market moving forward," Forelli said. "We'll have to see more optimism coming from companies in second-quarter earnings reports than we did at the end of the first quarter." Twenty-eight of the 30 stocks making up the Dow Jones industrials were higher, including General Motors, which advanced $1.48 to $36.81. The two decliners were Johnson & Johnson, which fell 15 cents to $54.20, and Procter & Gamble, which lost 24 cents to $91.58.

ImClone surged $7.21 to $35.71 after the biotech company's cancer drug Erbitux showed effectiveness in clinical trials.

Genentech climbed $5.83 to $68.44 after researchers said the biotech company's experimental drug Avastin modestly lengthened survival for colon cancer patients in clinical trials.

AMR rose 67 cents to $7.01 after Goldman Sachs raised the parent of American Airlines' stock rating to "outperform" from "in-line."

Advancing issues outnumbered decliners nearly 3 to 1 on the New York Stock Exchange. Volume was heavy.

The Russell 2000 index, a barometer of smaller company stocks, rose 6.12, or 1.4 percent, to 447.12.

Overseas, Japan's Nikkei stock average finished 1.5 percent higher Monday. In Europe, France's CAC-40 rose 1.9 percent, Britain's FTSE 100 advanced 2 percent and Germany's DAX index gained 2.4 percent.
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Old 06-02-2003, 02:52 PM   #2
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I'm always cautious. The market has a pattern of large buys and large sells lately, mostly driven by people interested in quick profits. But, let's see...

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Old 06-02-2003, 02:55 PM   #3
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one of the biggest gainers of the day, ironicly, was iMClone... i guess martha shoulda just held on to her stocks...
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Old 06-02-2003, 03:01 PM   #4
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I think Martha sold at around $71 / share. It tanked to around $7 / share the day after she sold.

That Martha film cracked me up. "Hey slut! I'm gonna write your momma a letter and tell her you're a whore!" Now there's some classic writing...

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Old 06-02-2003, 03:06 PM   #5
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the best thing to come out of the whole martha stewart thing was the fastest growing quiz sensation... know your martha stewart tv movie.

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Old 06-02-2003, 03:12 PM   #6
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it has been a good day for me here at work.


now watch tomorrow it will tank to some ridiculous all time low.
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Old 06-02-2003, 06:51 PM   #7
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(Just a simple observation that I don't hear anyone talking about)
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The Dow climbs over 9,000....and even more people are getting laid off as we speak.

Don't both of these facts cancel each other out?
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Old 06-02-2003, 09:47 PM   #8
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the jobless rate will not go down until corporations are confident enough in the economy that it's not going to go crashing back down again... it's not going to happen over night... no stock market surge or tax cut or anything is going to have an overnight effect... the republican plan isn't gonna do anything, the democrat plan isn't gonna do anything... just let it play out
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