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Markets Rise on Economic News

03/01/2006

Economic news released today caused investors to strongly bid up the price of stocks. The Nasdaq Composite surged 1.46% while the S&P 500 rose 0.83%. Advancing issues led decliners by more than 2 to 1 on the New York Stock Exchange.

One report that pleased investors came from the Institute for Supply Management (ISM). The ISM reported that manufacturing expansion in February grew more than expected, making it the 33rd consecutive month with growth in manufacturing activity.

The Commerce Department also released a report today that boosted the markets. The report showed that personal spending surged 0.9% in January, the largest increase in six months. Income rose 0.7%, the largest gain since September.

-Rex M. Jacobsen
Sr. Editor

 




 

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