Slow Start to ’04

The Dow Jones Industrial Average saw solid gains at year’s end, only to slip on the first day of trading in 2004, closing last Friday at 10,409, down 44 points. The downward turn came despite a report from the Institute for Supply Management that showed U.S. manufacturing grew last month at its fastest rate in two decades. The institute reported that its monthly manufacturing index for December jumped to 66.2, up from 62.8 in November, beating forecasts. Major ad media companies showed somewhat consistent gains from the previous week. On the Big Board, Omnicom shares rose 1 percent to close the week at $87.21, while IPG climbed to $15.53, up 3 percent. Shares of WPP, trading as American Depository Receipts on the Nasdaq, were up 2.5 percent on the week, closing at $49.45.