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IBD'S WEEK IN REVIEW.(THE IBD 100)
Market Breaks 3-Year Losing Streak
1The Nasdaq led the major averages last week with a 1.7% gain. When 2003 came to a close Wednesday, the tech-heavy index had scored a 50% surge, its first up year since a brutal bear market took hold of stocks in March 2000. A morning rally started the new year off right Friday. But afternoon selling erased those initial gains.
Manufacturing Taking Off
2The Institute for Supply Management index thrashed expectations in December, surging to 66.2 from November's robust 62.8 level. The manufacturing index, which had long lagged the economic recovery, also hit its highest level in two decades. Any reading over 50 indicates expansion.
Bond Yields Ratcheting Up
3The strong manufacturing data put more upward pressure on bond yields. The benchmark 10-year Treasury bond sold off, lifting its yield to 4.37%. It started the week at 4.15%. Traders said the rise was partly exaggerated by low seasonal liquidity as many big investors stayed home for the holidays.
Housing Data Turning Soft
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