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Chips Take Surprise March Leap
1Two factors led to the big jump in sales: low inventories at firms that use chips in their products and soaring memory chip prices. So the industry isn't lifting its 2002 forecast of 7% growth. The Semiconductor Industry Association said global chip sales hit $10.75 billion in March, up 7.2% from February and the biggest monthly percentage jump since April 1986. More on this page
Factory Orders Beat Predictions
2New orders rose to a seasonally adjusted $318.5 billion in March, up 0.4% and topping economists' views of 0.1%. Durables fell 0.5%, but nondurables jumped 1.6%. Not counting defense, orders rose just 0.1%. Transportation orders dropped 1.3% after Feb.'s 11.3% surge. Q1 new orders grew 5.5% over a year ago. Inventories fell for the 14th straight month. See Vital Signs on A2
Blue Chips Rise As Techs Slump
3The Dow industrials added 0.3%, lifted by cyclical, financial and consumer stocks. But techs were still dismal. The Nasdaq lost 1.9%, undercutting Monday's low by a fraction of a point. The attempted rally for the Dow and S&P 500 remains intact. But the Nasdaq will have to try again. Volume eased across the market. More on B2
Layoffs Increased Again In April