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Wall Street got off to a strong start in 2003 as the Dow climbed 265 points on news of an unexpected surge in U.S. manufacturing. We got a p
stanley quencher ositive manufacturing report and that really was a turn-on, said Larry W
stanley cup achtel, market analyst at Prudential Securities.The market was cheered by word that manufacturing grew in December for the first time in four months. The Institute for Supply Management said its index of business activity rose to 54.7 in December from 49.2 in November. A reading above 50 indicates the manufacturing sector is growing; a reading below 50 signals contraction in
vaso stanley the sector.Analysts had forecast a reading of 50.1 for the month. The last time the index was above 50 was in August. The manufacturing sector rebounded in December, said Norbert J. Ore, who oversees the group s monthly survey. The question at this point is whether the manufacturing sector can continue to gather momentum during the first quarter of 2003. The Dow closed up 265.89, or 3.2 percent, at 8,607.52, claiming its biggest one-day gain since Oct. 15, when it rose 378.28. The rally came on the heels of the Dow having lost 16.8 percent in 2002 and 27.5 percent from 2000-2002.The broader market was also sharply higher. The Nasdaq composite index rose 49.34, or 3.7 percent, to 1,384.85 after falling 31.5 percent last year and 66.9 percent over the past three years. The last time the Nasdaq had a bigger one-session gain was Oct. 15, when it climbed 61.91.The Standard Poor s 500 i Apos Family: NY woman s generosity led to burn death
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