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Market Commentary -- 10 a.m.

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May 29, 2003 — Stocks are moving higher once again following the release of key economic data: 1st-Quarter GDP (preliminary) was revised to a 1.9% rise from +1.6%; 1st-Quarter Final Sales was revised to +2.4% from +2.1%; and 1st-Quarter After-Tax Corporate Profits rose 2.5% vs. 4th- Quarters’s 4.1% advance. Initial jobless claims for week of May 24 fell to 424,000 from 433,000. (All reports came near expectations).

Hovnanian Enterprises (HOV) is up sharply after posting strong results (other housing stocks are moving higher). General Merchandise Stores and Utility stocks are also higher. Tech Data Corp. (TECD) is lower on disappointin results and guidance. NYSE breadth is 19-8 positive, Nasdaq breadth is 17-8 positive.

Early Market Action

S&P 500958.08 + 4.86