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Us stocks start 2003 with a surge as manufacturing activity grows

AFP, Washington
Us stocks started 2003 with a surge of optimism Thursday after a key survey indicated manufacturing activity is growing again, boosting hopes of an economic recovery.
At 12:02 (1702 GMT) the Dow was up 205.55 points at 8,547.18, just off an early high of 8,562.07.
The broader standard and Poor's 500 was 21.85 higher at 901.67 while the Nasdaq composite was up 35.96 at 1,371.47.
The Dow surged over 200 points in morning trade after the Institute for supply Management (IsM) said its overall index of business activity rose to 54.7 in December from 49.2
in November, the first time it has been above the key level of 50, which shows expansion, since last August.
"The market just took off out of the gate this morning," said Michael Driscoll, head of listed trading at Bear stearns. " But it's a rally in a thin market."
"It's hard to believe that after the last couple of years the market is just going to turn January 2nd 2003 and take off in a straight line.
"We have a little bit of new money going to work but we have to see a little more of this before everyone is in a position to jump on board and believe there is smooth sailing
here."
The rise in the IsM index beat Wall street analysts' expectations. Economists had predicted a level of around 50.2 for December.
The new orders index rose to 63.3 from 49.9 in November and the production index rose to 55.6 per cent from 54.6.
supplier deliveries rose to 51.4, compared with 50.8 the previous month, as inventories rose to 46.2 from 42.1 in November, and the prices index rose to 56.9 in December from 55.7 in the previous month.
The bad news for the Us economy was that IsM employment
index and official unemployment claims, showed that jobs are still being lost, though the rate of loss is slowing.
The IsM employment index rose to 47.4 in December from 43.8 but the index has now been below 50 -indicating a contraction in the number of jobs -- for 27 consecutive months.
The Labor Department said initial claims for state unemployment benefits jumped more than expected, up 13,000 to a seasonally adjusted 403,000 for the week ending December 28.
Wall street had predicted a rise of about 10,000 to 388,000.