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Stocks Follow Through As Economic Data Add To Picture Of Recovery Manufacturing Turns Corner Consumer spending and construction also strong; major indexes up 2%-4%.(A)
Byline: DONALD H. GOLD
New data showing strong gains in both the manufacturing and consumer economies bolstered views the recession is over and sent stocks flying Friday.
The S&P 500 climbed 2.3% on 5% higher NYSE volume, a follow-through confirmation of the index's rally that began Feb. 22. The Dow industrials shot up 2.6%, taking out their January high and scoring a second follow-through confirmation.
The Nasdaq composite leapt 4.1% after two down days, but the gain came on lower volume.
With the data released Friday, a consensus is growing that the recession is a thing of the past.
The Institute for Supply Management's factory index jumped to 54.7 in February from January's 49.9, the first reading above the boom-bust 50 level in 19 months.
Consumer spending and personal income both rose 0.4% in January. Meantime, construction spending in January grew 1.5%, its fastest pace in a year.
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