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Market Commentary -- 2 p.m.

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June 16, 2003 — The stock market’s three-month rally picked up steam with help from strong NAHB housing data, strong Empire State manufacturing index, and investors’ short-covering before Friday’s Triple Witching. Futures-related buy programs and buy-stops have been major factors in the DJIA cracking 9200, and the S&P breaking 1000 levels. But trading remains relatively slow.

Treasury futures are falling, the dollar is firmer. Economic data raises some questions about what the FOMC plans to do at its June 25 meeting. Short- term technicals are neutral. NYSE breadth is 22-9 positive, NASDAQ breadth is 18-12 positive. Biotechs, financials and drug stocks are up. Oil and gold futures are up.

Market Action

S&P 5001005.52 + 16.91