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Stocks Start 2003 On Right Foot As Volume Picks Up.(B)
Byline: DAVID SAITO-CHUNG
A surprising boost in activity across the nation's factories sparked the sputtering market back to life Thursday, the first trading day of 2003.
The Institute for Supply Management said its showcase manufacturing index shot up 5.5 points in December to 54.7, sharply above economists' overall forecast of 50.0. A figure above 50 indicates expanding activity and prices. The new orders index soared 13.4 points to 63.3, the largest one-month gain since August 1980.
Meanwhile, J.P. Morgan Chase settled a dispute with insurers over contracts that guaranteed obligations of now-defunct energy trader Enron Corp. This, combined with hints by President Bush that he'll try to use diplomacy to defuse the nuclear crisis in North Korea, also helped ignite a stampede into stocks.
Monday's top-performing industry groups included computer manufacturers, chipmakers and chip gear and networking gear. The top 10 industries are boldfaced in the table on the top of B4. No wonder, then, that the Nasdaq led the major averages with a 3.7% rally, halting a five-session slide. The tech-loaded index spurted into the close and ended a hair above its 50-day moving average. (Subscribers can view this trend line by clicking on "The Markets" on the investors.com home page.)
The broader market wasn't too far behind. The S&P 500 rebounded 3.3%. The Dow jumped 3.2%, its best gain since Oct. 15, the market's follow-through on heavier trade. While 18 of the Dow's 30 components rose 1 point or more, manufacturers did the heavy lifting. 3M gained 3.45 points to 126.75, computing giant IBM 3.07 to 80.57, GM 2.09 to 38.95 and Caterpillar 2.03 to 47.75.
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