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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (4709)	1/2/2003 10:33:07 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Stocks Rally as Manufacturing Picks Up Thursday January 2, 10:26 am ET NEW YORK (Reuters) - Stocks shot higher in early morning trade on Thursday, lifting the blue-chip Dow more than 2 percent, as a pickup in manufacturing activity fueled hopes for a brighter 2003 after three straight years of losses. "It was a pleasant surprise," said Peter Boockvar, equity strategist at Miller Tabak & Co. "The number came in better than expected and looked good for the economy." The Institute for Supply Management said its index of manufacturing business conditions rose to 54.7 from 49.3 in November -- far above the modest increase to 50.3 analysts had expected. A reading above 50 suggests expansion in the sector. The Dow Jones industrial average (CBOT:^DJI - News) rallied 175 points, or 2.10 percent, to 8,516. The broader Standard & Poor's 500 Index (CBOE:^SPX - News) shot up 16 points, or 1.90 percent, to 896, while the technology-laced Nasdaq Composite Index (NasdaqSC:^IXIC - News) rose 23 points, or 1.74 percent, to 1,358. Many Wall Street strategists predict the market's long-awaited recovery will come in 2003, but they caution that the road back to health may be a rocky one. Stocks on Tuesday wrapped up their first three-year losing streak since the period between 1939 and 1941, capped by the worst December performance by the Dow since 1931.