Stocks Rise on Hopes of Interest-Rate Cut

The Dow Jones Industrial Average closed Friday slightly higher than the previous week, as investors looked toward an anticipated interest-rate cut from the Federal Reserve. On the Big Board, IPG shares climbed 5.6 percent to finish at $14.55; Omnicom rose 2.6 percent to close the week at $74.89; and British holding company WPP, trading as American Depository Receipts on the Nasdaq, fell 4.5 percent to $39.71. While Universal McCann’s Bob Coen revised his 2003 adspend forecast downward last week (see story on page 20), investment bank CIBC Worldwide revised its forecast upward, projecting growth of 3.3 percent for 2003, up from 3.1 percent predicted earlier this year.

—david kaplan