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To: maceng2 who wrote (499)	11/2/2003 4:22:48 AM
From: maceng2	Read Replies (1) \| Respond to of 1417

Fresh data encourage Wall Street investors By Gordon Smith Published: October 31 2003 12:38 \| Last Updated: October 31 2003 22:02 news.ft.com US markets posted modest gains on Friday after two fresh economic reports encouraged buyers back into market. By the close, the Dow Jones Industrial Average was up 0.2 per cent to 9,801.12. The Nasdaq Composite edged off fractionally at 1,932.21. The S&P 500 index was 0.4 higher at 1,050.71. The National Association for Puchasing Management's report for the Chicago area rose to 55 in October from 51.2 in September. The Chicago survey is often seen as an indicator for the national survey which is released on Monday and a reading above 50 marks expansion in the manufacturing sector. The University of Michigan's consumer sentiment survey also showed a small improvement in sentiment. The October figure rose to 89.6, as expected, from 87.7 in September. Hopes for a rise in manufacturing spending were raised on Thursday in the third quarter GDP release which showed US investories falling and business spending rising. Overall the US economy grew at its fastest quarterly rate for nearly 20 years. Before the open of trade new figures showed consumers were suprisingly cautious in September. The Commerce Department said personal spending fell 0.3 per cent as the effects of the government's tax cuts began to wear off. Analysts had expected the first fall in spending since February to be 0.1 per cent. The government added that personal income rose 0.3 per cent in September, the same rate as the previous two months. Friday's session was expected to be quiet as fund managers square their books at the end of a positive month. The indices have had one of their best Octobers for a long time. In a month associated with share price falls the Dow has added nearly 6 per cent and the Nasdaq is up 8.4 per cent. The energy sector was back in focus in early trade after ChevronTexeco and Anadarko Petroleum reported third-quarter earnings. ChevronTexeco, the second largest oil company in the US, reported a net profit compared to a net loss a year ago. The California-based company reported earnings of $1.98bn, or $2.02 per share, compared to a shortfall of $904m, 85 cents a share, a year ago. Analysts had been expecting the company to earn $1.62 per share. Investors welcomed the results and pushed shares 3.5 per cent higher to $74.30. Rival Anadarko Petroleum reported a 45 per cent rise in third-quarter earnings. Excluding one-off items the company earnt $1.46 per share compared to analysts' forecast of $1.17 per share. The company, which is thought to be trying to attract buyers, said it would raise its quarterly dividend by 40 per cent to 14 cents. Shares rose 1.8 per cent to $43.62. Other stocks in the news included Microsoft which has been linked to talks with search engine Google in press reports. Its shares edged ahead 0.1 per cent to