20 Jun 2003 Improving News Continues
Posted at 16:43h in The Friday BriefEarly this week investors were treated to a very nice surprise when the Federal Reserve reported that manufacturing in New York State expanded considerably more than expected this month. Orders and sales grew the most since January, bolstering expectations the economy will accelerate in the second half. The DOW rose 202 points as investors said the report may foreshadow a strengthening in U.S. manufacturing, which contracted from March through May. The New York results prompted Bear, Stearns & Co. and Lehman Brothers Inc. to raise their forecasts for Thursday's Fed report on factories in the Philadelphia area according to Bloomberg.