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Euro Starts Off With A Big Bang
1The debut of bills and coins went off with hardly a hitch. On Wednesday, the first business day of 2002, there were some reports of spot shortages. Currency traders boosted the euro 1.32 cents to 90.39 cents. The British pound fell against the euro on views that the U.K. will soon adopt the new cash. More on this page, A5, A16
Key Factory Index Recoups More
2The Institute for Supply Management, formerly NAPM, said its purchasing index rose to 48.2 in Dec. That's the best since Oct. 2000. Under 50 means contraction, and this was the 17th straight month. But it seems the bleeding's stopped. The new orders and production subindexes leapt over 50. See Vital Signs on A2
Chips, Techs Pace Large-Cap Rally
3News of rising memory-chip prices boosted chipmakers as the Nasdaq rose 1.5%. Network, fiber-optic, computer and telecom gear firms also advanced. HP and Intel helped push the Dow up 0.5%. The S&P 500 rallied 0.6% and ended at its high. But the S&P MidCap 400 and the Russell 2000 edged lower. Volume grew, but stayed below average. More on B2
T-Bonds Swoon On Factory Data