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Mutual Funds Ripped In Hearings
1Federal and state law enforcers drew a portrait of widespread trading abuses by funds and brokers and said major changes are needed. Senators expressed outrage at the abuses and the SEC response. The SEC's Boston chief quit. So did Lawrence Lasser, head of Marsh & McLennan's Putnam fund unit, and Richard Strong, chairman of Strong Mutual Funds. More on this page
ISM Manufacturing Index Jumps
2The key factory report rose 3.3 points to 57 last month, better than expected and the highest since Jan. '00. Readings over 50 indicate growth. The new orders and new export orders indexes both moved to 9-year highs. Production hit a 6-year high. Price hikes picked up again. The employment index rose to a 10-month high, but remained below 50. More on this page, A2
New Tech Reports Signal Upturn
3Researcher IDC said business spending on tech is up after two years of record declines. It sees 5% growth in '04. Another survey, the Wendover-Global Insight index, suggests IT spending will kick up in early '04. Sept. chip sales surged 6.5% from Aug., the best monthly gain in 13 years. Q3 sales rose 17.5% vs. a year ago. More on this page
Key Indexes Hit 52-Week Highs