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 June 16, 2003
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New York-AP -- Stocks are trading higher after a positive report on manufacturing from the New York Fed bolstered investors' hopes of a rebounding economy. With two hours to go before the close, the Dow was up 147-point-78 points, at 92-hundred-64, point-90. The Nasdaq Composite Index was up 31 points and the S-and-P 500 was up 16 points.

(Dearborn, Michigan-AP) -- Ford Chairman and C-E-O Bill Ford Junior says the number two automaker is on the road to turning things around. He told the company's annual meeting that it has already reached its goal of trimming expenses by 500 (m) million dollars this year. In addition, quality has improved and recalls are sharply lower.

(Troy, Michigan-AP) -- Kmart is cutting its losses. The holding company for the discount retailer says its first-quarter loss narrowed to 862 (m) million. That's a huge drop from the one-point-44 (b) billion dollars of red ink a year earlier.

(Dublin, California-Dow Jones/AP) -- Online lending company E-Loan has raised its second quarter earnings outlook. The company say the moves were based on "strong growth" in its various loan businesses. It also says the favorable refinancing market was helping the bottom line.

(New York-Dow Jones/AP) -- Health information and transaction company WebMD is buying privately held Advanced Business Fulfillment. The pricetage is 110 (m) million dollars but WebMD says it will pay an additional 150 (m) million dollars if certain financial goal;s are met.

Copyright 2003 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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