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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (61295)	3/3/2002 10:28:17 PM
From: StanX Long	Read Replies (1) of 70976

Markets rallied last week, but it may be too soon to call it the year of the bull. March 3, 2002: 6:00 a.m. ET By Staff Writer Alexandra Twin money.cnn.com NEW YORK (CNN/Money) - While the impact of a strengthening economy gave a jolt to weary stock investors last week, the same factors that unnerved markets in the first place -- concerns about accounting and corporate profits -- will still need to be resolved before anyone is ready to call it the year of the bull. Last Friday, in particular, investors showed great resolve as the Dow industrial average closed at its highest level since August, and some of the most depleted tech stocks of late notched a respectable comeback. But February was an extremely difficult month for equities, with the Nasdaq composite losing more than 10 percent. The Dow industrials fared better, eking out a 1.9 percent gain, as investors nervous about accounting and corporate profits rotated out of techs and into some defensive plays. Last week, a key measure of the manufacturing sector broke out of an 18-month slump, while personal income and consumer spending gained strength in February. A revision of fourth-quarter gross domestic product showed the economy grew at a faster rate than initially thought.

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