With the recession appearing to hit bottom, the consumer confidence index surged in March to its highest level since before 9/11. Consumers are becoming more upbeat about a recovery this year.
Beware of the Double Dip: With the stock market closed March 29 for Good Friday, investors braced themselves for the first-quarter earnings season, expected to start next week. Economic statistics keep improving, but corporate earnings remain a touchy subject. Some economists are invoking the "double dip" scenario, where the economy seems to rise out of recession only to lose steam and slide back down. For the week, 23 AdMarket stocks were up, 27 were down.
Agency and media stocks continued to benefit from the good news, while AOL Time Warner continued to suffer after it disclosed it will take a $57 billion charge to earnings in the first quarter to clear the accounting of its year-old merger.
Advertising Age and Bloomberg's AdMarket 50 index of 50 top publicly traded marketers, agency and media companies for the week ended March 29, 2002, based on stock trading data supplied by Bloomberg financial news service. All comparisons are based on closing prices March 22.