Community Bank of San Joaquin Trust and Investment Telegram March 28, 2002 IN THIS ISSUE: 1. Economic Highlights 2. Bond Market Comments 3. Stock Market Comments 4. Legal Disclaimer 5. Subscribe / Unsubscribe -------------------------------------------------------------- Economic Highlights * 4-Q GDP revised upwards: - Fueled by increases in government and consumer spending, U.S. gross domestic product, the value of all goods and services produced in the nation increased at a revised rate of 1.7% in the fourth quarter of last year. The Commerce department reported that inventory rebuilding and strong retail sales contributed to the fastest rate of growth in almost two years. - The National Association of Realtors reported that in February sales of previously owned homes fell 2.8% from the record monthly pace set in January. The decline in sales, significantly less than the forecasted drop of 8.3%, left sales at an annualized 5.88 million units, a pace greater than the record 5.3 million homes sold last year. - Reflecting a surge in demand for aircraft, durable goods order rose 1.5% in February, more than the expected increase of 1.0%. However, orders excluding the volatile transportation sector unexpectedly decreased. The Commerce Department announced that a drop in bookings for computer and semiconductors pushed non-transportation orders down 1.3%. Analysts had forecasted a 0.7% increase in orders for non-transportation items. - Consumer confidence in March rose to 110.2, the highest reading since August of 2001. The Conference Board's gauge of consumer expectations for the economy over the next six months increased dramatically from February's level of 95.0. - New home sales rose in February for the fourth time in five months. The Commerce Department reported that the annual sales rate for new single family home rose 5.3%, less than the forecasted rise of 7.1%. -------------------------------------------------------------- Bond Market Comments * Bonds end week flat: - For the week, the 30-year Treasury bond's yield fell 1 basis point to close at 5.80%. The 10-year Treasury note's yield remained unchanged, closing at 5.40%. -------------------------------------------------------------- Stock Market Comments * Stocks finish 1st quarter mixed: - Year to date, the Dow rose 3.8%, the S&P 500 fell 0.06% and the Technology heavy NASDAQ fell 5.4%. - For the week the Dow Jones Industrials fell 24 points or 0.2%, closing at 10,404. The broader S&P 500 fell 2 points, or 0.2%, to close at 1,147. The NASDAQ Composite dropped 6 points, or 0.3%, to close at 1,845. -------------------------------------------------------------- Legal Disclaimer Community Bank of San Joaquin Trust and Investment Telegram contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific securities does not constitute an offer to buy or sell securities. The past performance of a mutual fund, stock, or investment strategy cannot guarantee its future performance. This email newsletter is offered on a subscription-only basis. Because of the complexity of this service and its dependence on other systems, we cannot be responsible for delays or failures in forwarding or transmission. For further assistance please contact us at trust@communitybanksj.com or (209) 956-7000. -------------------------------------------------------------- Subscribe/ Unsubscribe