Ad Stocks Buck Market

The Dow Jones Industrial Average saw moderate losses last week as hopes for a robust recovery were diminished following a Labor Department report of soft job growth, while chip maker Intel cited a poor sales outlook for 2004. A survey of the major ad media, released Friday from Merrill Lynch, showed ad spending is slightly outperforming the economy. The investment banking house, however, noted that “the proliferation of media outlets should not necessarily lead to higher ad spending but will likely lead to market share shifts among the mediums.” On the Big Board, Omnicom’s shares rose 4.7 percent to close the week at $83.36, while IPG climbed 1.8 percent to $14.49. WPP, trading as American Depository Receipts on the Nasdaq, was up 1.1 percent to finish at $49.