Washington, D.C.Dennis Seid 4/2/09
Signs recession may
be nearing bottom
n Signs that the recession could be nearing a bottom emerged Thursday, as factory orders were better than expected.
The Commerce Department said orders for manufactured goods rose 1.8 percent in February, reversing six straight monthly declines and easily beating estimates of another drop.
Still, the job situation remains grim. Traditionally, the labor market doesn’t pick up until well after a recovery has started.
Stocks extend rally;
Dow breaches 8,000
n NEW YORK – Investors dove into stocks Thursday, extending a rally that gave the Dow Jones industrial average its best four weeks since 1933. Stocks rose across the board in heavy trading following an accounting rule change that will help banks and commitments from world leaders to toughen up regulatory oversight of financial institutions.
The Dow broke through 8,000 for the first time since Feb. 9 but ended slightly below that level at 7,977.84 ahead of a closely watched monthly report on employment today that could upset the market if it comes in below expectations.