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Stocks at 14-Month Highs on Economy Hopes
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| Contributor | Tony82 |
| Last Edited | Tony82 Sep 02, 2003 11:55pm |
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| Category | News |
| News Date | Tuesday, September 2, 2003 06:00:00 AM UTC0:0 |
| Description | NEW YORK (Reuters) - Stocks surged through 14-month highs on Tuesday, as investors found more evidence of a U.S. economic recovery in a report on factory activity, and a wave of technical buying was triggered by new index highs.
The tech-laden Nasdaq hit a 17-month peak and the blue-chip Dow and broader S&P 500 both climbed to 14-month highs as Wall Street traders returned from the long Labor Day holiday that traditionally marks the end of summer.
``This is money being put to work in front of a good backdrop for stocks, because the economic picture is getting clearer and better all the time,'' said Brian Pears, head of equity trading at Victory Capital Management.
The Institute for Supply Management released broadly positive data on manufacturing activity but its reading on factory jobs showed employment levels were falling. |
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