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Morning Rally Evaporates; Retail Stocks Bounce Back.(GENERAL MARKET & SECTORS)(THE BIG PICTURE)
Byline: CHRIS GESSEL
Manufacturing is on the mend, productivity looks great and consumers feel upbeat. But the stock market didn't seem to care Friday, especially with India and Pakistan staring each other down over Kashmir.
A load of economic data all pointed to a sound recovery. Manufacturing in the Midwest jumped to a three-year high in May. The Chicago purchasing management index bolted to 60.8 from 54.7. It was the best reading for the regional economic gauge since April 1999.
Meanwhile, factory orders came in higher than expected. They showed the biggest rise since October 2001.
Not only is the economy rebounding, but it also remains efficient. First-quarter productivity was revised down from 8.6% to 8.4%, still a blistering pace.
And Americans haven't felt better about the economy since December 2000, according to the University of Michigan's consumer index.
The market reacted in a positive yet restrained manner to the data. At its highest, the Dow Jones industrial average climbed 1.3%. The Nasdaq added as much as 1.2%. Those were decent gains, but volume limped in lighter than the day before. It was a subdued response to overwhelmingly good news.
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