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To: Elwood P. Dowd who wrote (95499)	2/27/2002 1:48:04 PM
From: Elwood P. Dowd	Respond to of 97611

Greenspan Says Recession May Be `Drawing to a Close' By Michael McKee and Brendan Murray Washington, Feb. 27 (Bloomberg) -- The U.S. recession may be ``drawing to a close'' as the economy responded better than might have been expected to last year's shocks, Federal Reserve Chairman Alan Greenspan said. Companies will invest more if they see the economy improving, he said. ``If the recent, more favorable economic developments gather momentum, uncertainties will diminish, risk premiums will fall, and the pace of capital investment embodying new technologies will increase,'' Greenspan said. +++ Greenspan lifts Wall St. Stocks rise as Fed chief appears more confident about economic rebound. February 27, 2002 NEW YORK (CNN/Money) - Cautiously upbeat comments from Alan Greenspan sent U.S. stocks higher at midday Wednesday after the Federal Reserve chairman stressed that the U.S. economy is beginning to firm. Speaking to a House panel, Greenspan said risks to a strong and quick recovery remain, possibly forestalling the interest rate hikes that some investors feared. But economists said the Fed chief sounded more upbeat and less worried than he did in remarks last month. +++ Stocks Extend Gains After Greenspan's Testimony on Recovery Wednesday, February 27, 2002 NEW YORK — Stocks extended their gains Wednesday after Federal Reserve Chairman Alan Greenspan expressed confidence in a U.S. economic turnaround, although he cautioned the recovery would likely be moderate. In early afternoon trading Wednesday, the blue-chip Dow Jones industrial average was up 111 points at 10,226 while the technology-packed Nasdaq Composite Index was up 21 points at 1,788. The broader Standard & Poor's 500 Index was up 12 points at 1,122. "Hearing that we're turning the corner, but inflation should be under control -- those things are positive for the stock market," said Nat Paull, portfolio manager at New Amsterdam Partners, which oversees about $1 billion. Greenspan said a key sign that the economy was "close to a turning point" could be found in inventories that now were so lean that companies will be forced to step up production in coming months. Orders for U.S. durable goods, which are items intended to last for three years or more, rose 2.6 percent -- well above expectations for a 1.6 percent rise -- in January after a revised 0.9 percent gain in December, the government said. "It supports the idea that at least the economy has bottomed and is probably picking up," said Edgar Peters, chief investment officer at PanAgora Asset Management.