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Investors kept seeing the glass half-full last week as the market held on to the month-long November rally that put the Dow back in 10,000 territory. In spite of continually gloomy consumer confidence and economic numbers, investors took good news where they could find it: in Thanksgiving retail numbers not as disappointing as they expected and employment numbers that didn't drop any faster after the post-Sept. 11 shock waves passed. Thirty-five AdMarket stocks were up and 15 down for the week.

Wall Street's light at the end of the tunnel was particularly sweet for agency and media stocks, which continued their rally. Even Cordiant Communications Group, which revised its 2001 revenue forecast down Dec. 4, was bid up by investors who assume an economic recovery is around the corner. That mind-set worries analysts, who caution that media and agency stocks have rallied too far too fast and that their recovery may not come until 2003. (See story on P. 6.)

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