- The Washington Times - Saturday, August 10, 2002

NEW YORK (AP) Investors, feeling more confident after the market's huge three-day rally, refrained from making major moves yesterday, allowing the three major stock indexes to end the week higher for the first time in three months.
The Dow Jones Industrial Average scored 700 points in its first four-day winning streak in nearly seven months.
Technology enjoyed a strong weekly advance but yesterday was pulled lower largely by a downgrade in the storage sector.
"There are a number of issues that are giving investors a little more confidence about putting their money to work in stocks," said Charles G. Crane, strategist for Victory SBSF Capital Management. "I think there is a realization that earnings, while maybe not on a rocket ship trajectory, are trending up."
The Dow rose 33 points, or 0.4 percent, to 8,745, according to preliminary calculations.
Combined with triple-digit surges Tuesday through Thursday, the Dow has climbed 702 points in four sessions. The Dow has not had four consecutive gains since the four sessions that ended Jan. 28, yielding a 90-point advance.
The broader market was mixed yesterday. The Standard & Poor's 500 Index rose three points, or 0.4 percent, to 909, after a three-day advance of 71. The Nasdaq Composite Index fell 10, or 0.8 percent, to 1,306, after a three-day gain of 111.
All three indexes ended the week higher for the first time since the week that ended May 17. For the week, the Dow gained 5.2 percent, the S&P; advanced 5.1 percent and the Nasdaq rose 4.7 percent.
"As simple and basic as it sounds, the market has some positive momentum. It always swings on emotion," said Tony Cecin, director of institutional trading at US Bancorp Piper Jaffray in Minneapolis.
The market's recent strength comes as investors grow confident that the Federal Reserve will cut interest rates, either at Tuesday's meeting or in September, to keep the economy from falling back into recession.
An economic report released yesterday gave the market another reason to expect a rate cut. The Labor Department reported that productivity grew at its slowest pace in a year, rising at an annual rate of 1.1 percent in the second quarter. Economists' expectations ranged from growth rates of 0.5 percent to 1.5 percent.

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