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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: AugustWest who wrote (10937)	11/1/2002 9:42:11 AM
From: X Y Zebra	Read Replies (1) \| Respond to of 57110

lol... so is she... just a reflection of her work

To: AugustWest who wrote (10937)	11/1/2002 9:44:56 AM
From: stomper	Respond to of 57110

LOL, the real give is in the average workweek. That number needs to start ticking up instead of down to show any strength in the employment arena. What we need is to see close to 35/wk to show that companies are really cranking on their employees and are on the cusp of needing to hire. These downticks portend many more layoffs. I think we're going to see at least 6.5% unemployment w/in the next few months. -dave

To: AugustWest who wrote (10937)	11/1/2002 11:51:18 AM
From: AugustWest	Read Replies (1) \| Respond to of 57110

(COMTEX) B: Strong markets prove resilient in the face of more glum econ B: Strong markets prove resilient in the face of more glum economic data TORONTO, Nov 01, 2002 (The Canadian Press via COMTEX) -- Stock markets reversed losses to move into positive territory Friday as investors absorbed more negative news on the manufacturing sector, consumer spending and the jobless situation. Strength in the information technology sector helped drag Toronto's S&P/TSX out of the red to gain 30.99 points at 6,279.78, after losing 81.57-points Thursday. Zarlink Semiconductor was up 10 cents to $4.17. The Canadian dollar lost 0.07 of a cent to 64.14 cents US. Wall Street's Dow industrial average came back from an 88-point decline to move ahead 56.4 points to 8,453.43 after slipping 30.4 points Thursday. The Nasdaq gained 10.14 points to 1,339.89 after gaining 2.98 points. The S&P 500 index added 4.89 points at 890.65. "I don't know what to put it down to other than the fact that every time this market seems to selloff, it does come back," observed Fred Ketchen, manager of equity trading at Scotia Capital. "You look at the economic news this morning and it really isn't anything to set the world on fire but at the same time, there's nothing there to send you to fits of depression either." A week's worth of key economic data, including Gross Domestic Product and consumer sentiment readings, culminated with the release after the market open of the U.S. Institute of Supply Management's manufacturing index. It showed further contraction and came in a bit worse than expected, dipping from 49.5 in September to 48.5 in October. But there was some good news in the ISM report. "When you look at the new orders index, which is always a good sign when it goes up, that index is up to 50.9 from 50.2 in September," noted Ketchen. The October jobless rate in the U.S. also worsened, edging up 0.1 of a percentage point to 5.7 per cent. Despite the rise, it was better than the 5.8 per cent that many analysts had predicted. On top of a much-worse-than-expected consumer sentiment report earlier this week, the Commerce Department announced U.S. consumers cut their spending by 0.4 per cent in September - the largest decline in 10 months. Sharply reduced spending on big-ticket items such as cars led the decline. Many investors hope Friday's data will persuade the U.S. Federal Reserve to lower interest rates further at its meeting next week. Statistics Canada reported that, after two quarters of optimism, manufacturers were a bit more guarded in their outlook in October. It said about 70 per cent of manufacturers indicated production prospects for the fourth quarter would remain about the same, down three points from the last survey in July. On the Toronto market, other gainers in the tech sector included ATI Technology, ahead 25 cents to $10.20. Nortel Networks was unchanged at $1.90. The gold sector was the only one showing significant strength, ahead 1.6 per cent as the spot price of the precious metal advanced $2.70 to $320.30 US an ounce. Meridian Gold gained $1.26 to $26.20 and Barrick Gold advanced 31 cents to $23.76. Strength resurfaced in financials as CIBC gained 74 cents to $39.49 and TD Bank was ahead 70 cents to $30.05. Other active stocks in Toronto included Bombardier, up 20 cents to $5.39. The Montreal-based transport giant announced it has won a $108-million contract to build 38 two-car diesel trains for an Australian state. Market movement this week has been largely determined by a slew of economic reports, now that the quarterly earnings season is winding down. The start of November trading on North American exchanges comes after a volatile yet positive month. The 1.1 per cent October gain represented the best month on the TSX since March. The Dow industrials were up 10.6 per cent while the Nasdaq netted 13= per cent on the month. Despite the October gains, the Dow has a year-to-date loss of 16.2 per cent, while the TSX is down 18.7 per cent and the Nasdaq has plunged 31.8 per cent. Overseas, Japan's benchmark 225-issue Nikkei Stock Average rose 45.24 points, or 0.52 per cent, to 8,685.72. London's early FTSE index was off 43.4 points or one per cent, to 3,996.4. Frankfurt's DAX dropped 0.95 per cent and Paris's CAC 40 fell 1.75 per cent. As third-quarter earnings season drew toward its close, shares in blood products specialist Hemosol Inc. plunged 23 cents to $1.26 after it said its third-quarter loss increased to $11.8 million from $6.9 million amid cost-cutting efforts. Miner Cameco reported after the close that its profit was depressed by a cave-in at a gold mine in Kyrgyzstan, driving its shares down 89 cents to $34.05. Revenue declined to $158 million, compared with $170 million in the year-ago quarter, and earnings fell to $7 million from $15 million. MALCOLM MORRISON The online source for news sports entertainment finance and business news in Ca ada Copyright (C) 2002 The Canadian Press (CP), All rights reserved -0- KEYWORD: TORONTO SUBJECT CODE: NBA * end of story *