Commentary Going into the 2003 fou...

Commentary

Going into the 2003 fourth quarter, the economy provided generally positive signals, suggesting that it might be emerging from the doldrums of the past several years. However, there had been enough false starts and carry-over risk fronts to restrain the sense of exuberance. As the economic situation unrolled the optimists found support for their enthusiasm, with a number of signs suggesting that the near-term economy would continue to improve. Approaching year-end, the economic retrieval appeared to be in the works, although still nowhere near the heyday horizontals of the 1990s when the "New Economy" created impetus in the market. ...