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To: PCSS who wrote (1568)7/31/2002 9:53:03 PM
From: Elwood P. Dowd  Read Replies (1) | Respond to of 4345
 
MUTUAL FUNDS BUY IN LATE MARKET RALLY
by: economicrecovery
Long-Term Sentiment: Strong Buy 07/31/02 09:42 pm
Msg: 148651 of 148651

Dow Stages Late Recovery

By Reuters
NEW YORK (July 31) - The broad market staged a late-day rebound on Wednesday as professional investors dressed up portfolios at the end of a brutal July.

The market got off to a soft start after the government reported the economy grew at a surprisingly slow pace in the second quarter. Stocks stumbled lower again following a weaker-than-expected report on manufacturing in the Chicago area.

But fund managers hoping to improve the appearance of their holdings by selecting winners at the end of the month, scrambled back into the market minutes before the closing bell.

The late-day buying lifted the blue-chip Dow and the broad Standard & Poor's 500 into positive ground.