In further news that'll block out the shrill din of the nine morons:

Revising its year-end economic forecast sharply upward, The Conference Board today projected that real GDP growth will hit 5.7% next year, making 2004 the best year economically in the last 20 years.
The forecast, by Conference Board Chief Economist Gail Fosler, expects worker productivity, which set a 20-year record in the third quarter, to rise at a healthy 3.6% next year. That would follow a gain of 4.3% this year.

The economic forecast is prepared for more than 2,500 corporate members of The Conference Board's global business network, based in 66 nations.

KEY BAROMETERS FLASHING GROWTH

"Growing business spending and continued strength in consumer spending are generating growth throughout the U.S. economy," says Fosler. "This burgeoning strength is reflected in The Conference Board's widely-watched Leading Economic Indicators, the Consumer Confidence Index and the Help-Wanted Advertising Index. While the labor market, a critical factor in sustaining growth, is growing slowly, a pick-up in hiring may already have begun."

Real consumer spending, which continues to fuel growth, will increase at a 4.7% pace next year, up from about 3.2% this year. Another gain of 4.3% is projected for 2005.

While the U.S. economy is expected to generate more than one million new jobs next year, the unemployment rate will edge down only slightly, averaging 5.6% in 2004.

The Conference Board forecast notes that as the U.S. economy bounces back, so is Europe, although growth will be subdued compared to most other major parts of the world. "For all the concern about a weak dollar," says Fosler, "the dollar will be worth more than the euro by the end of the year."

Continuing the good news, the Dow is above 10K again:

The Dow industrials closed above 10,000 for the first time in nearly 19 months on Thursday, after the Federal Reserve indicated it would keep interest rates low for some time.
Positive reports on retail sales and upbeat forecasts from a few semiconductor companies also fueled investor optimism that the U.S. economy is steadily improving.


"It helped to soothe some nerves on the part of equity investors," said Keith Keenan, vice president of institutional trading at Wall Street Access, referring to the Fed's comments. "The consensus is that rates are not going up. The equity market wouldn't be sitting with Dow over 10,000 if people actually thought rates were going higher."

The blue-chip Dow Jones industrial average (^DJI - News) ended up 86.30 points, or 0.87 percent, at 10,008.16, its highest close since May 24, 2002. The Standard & Poor's 500 Index (CBOE:^SPX - News) rose 12.16 points, or 1.15 percent, to 1,071.21, its highest finish since May 28, 2002. The technology-laden Nasdaq Composite Index (NasdaqSC:^IXIC - News) climbed 37.67 points, or 1.98 percent, to 1,942.32, based on the latest data.

I don't know about you, but my 401K has gained back any losses and is moving up.