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Investors See Upturn, Overlook War, Enron, Propel Stocks Higher Oracle's Woes Matter Not Nasdaq up 3%, Dow 2% as volume heads higher; cyclicals especially strong.(A)
Byline: KEN HOOVER
Investors decided in a big way Monday that it's safe to go back in the water. They plunged in headfirst, pushing the major stock market indexes higher in heavy volume on the belief the economy is shaking off a slowdown.
The rally continued Friday's action. Stocks came alive late last week after data showed the manufacturing sector expanded for the first time in 18 months.
Buyers cast aside worries about Enron and questionable accounting, American casualties in Afghanistan and an economy that has kept on sputtering despite 11 interest rate cuts by the Fed. An earnings warning from Oracle affected only the enterprise software maker's stock.
The Nasdaq composite charged up 3.1%, followed by the Dow Jones industrials, up 2.1%, and S&P 500, up 1.9%. New York Stock Exchange volume expanded 11% to 1.61 billion.
Financial stocks, autos, home builders, defense contractors, gaming stocks and old-line industrials led the way higher. That continued the theme of the past few weeks. Those industries are mainly cyclical. A strong performance there should mean a brightening economic outlook.
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