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Stocks, Bonds Surge On ISM, Fed
1Slowing manufacturing growth and Dallas Fed comments suggesting rate hikes may be nearly over boosted financial markets. The Nasdaq and S&P 500 rose 0.9%, the Dow 0.8%, the small-cap S&P 600 1.1% as volume picked up. The 10-year Treasury yield dived to 3.89%, the lowest since April '04. A glitch halted NYSE trading minutes before the close. More on this page, B2
Crude Oil Vaults 5% To Near $55
2July crude shot up $2.63 to $54.60 a barrel, the highest in weeks and the 7th straight gain. Traders bet that heavy diesel use will cause a supply crunch in distillates, which also include jet fuel and heating oil. The Energy Dept. on Thursday is expected to report higher weekly U.S. crude, gasoline and distillate stockpiles. More on B10
Factory Growth Slows To Crawl
3Confirming regional data, ISM's U.S. manufacturing index fell 1.9 points to 51.4 in May. It was the 6th straight drop and the lowest since June '03. The report missed official forecasts, though many had feared a sub-50 reading, which would signal shrinking factory activity. Orders were stagnant as firms pared staff and inventories. Price hikes cooled. More on this page, A2
Dallas Fed: "Hikes In 8th Inning'