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Archive for Saturday, March 2, 2002

Dow soars to best close since last summer

March 2, 2002

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— Encouraged by news that the manufacturing sector has begun its recovery and that consumers are spending solidly, investors sent stocks surging Friday, propelling the Dow Jones industrials up more than 260 points to their best close since last summer.

The Nasdaq composite index, meanwhile, scored its best one-day point gain in nearly three months.

"The message is very clear: The outlook for the economy is getting better. The news is just very upbeat," said Hugh Johnson, chief investment officer at First Albany Corp.

The Dow Jones industrial average closed up 262.73, or 2.6 percent, at 10,368.86, the Dow's highest close since Aug. 27, when it stood at 10,382.35. The last time the Dow racked up more points in a day was Sept. 24, when it rose 368.05.

Meanwhile, the Nasdaq soared 71.25, or 4.1 percent, to 1,802.74, claiming its biggest point win of the year. The last time the Nasdaq had a larger daily point gain was Dec. 5, when it climbed 83.74.

The Standard & Poor's 500 index rose 25.05, or 2.3 percent, to 1,131.78.

Friday's buying spree helped the market post big weekly gains. The Dow rose 400.71, or 4.0 percent. The Nasdaq rose 78.21, or 4.5 percent, while the S&P advanced 41.84, or 3.8 percent.

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