BUSHONOMICS:

Stocks Up on Earnings, Manufacturing News (MEG RICHARDS, 11/03/03, AP)

Wall Street surged again Monday, lifting the Nasdaq composite index to its best close in nearly 22 months as investors welcomed reports of strong growth in the nation's manufacturing sector and a hefty rise in construction spending. [...]

Wall Street was pleased with news that the manufacturing sector grew in October for the fourth straight month. The Institute of Supply Management said its manufacturing index rose to 57 last month from 53.7 in September, a stronger showing than the 55.5 analysts expected.

An index reading above 50 indicates expansion; one below 50 indicates that manufacturing activity is contracting. From March through June, the manufacturing index was below 50.

Also Monday, a government report showed that construction spending reached an all-time monthly high in September, underscoring the housing market's role in the economic recovery. The Commerce Department reported a 1.3 percent jump in the total value of all building projects. Analysts projected a more modest advance of about 0.4 percent.