Community Bank of San Joaquin Trust and Investment Telegram November 29, 2002 IN THIS ISSUE: 1. Portfolio Evaluation 2. Economic Highlights 3. Bond Market Comments 4. Stock Market Comments 5. Legal Disclaimer 6. Subscribe / Unsubscribe -------------------------------------------------------------- Portfolio Evaluation * Look to Community Bank of San Joaquin for Trust and Investment Services. - Investors with portfolios of $250,000 or more are invited to receive a current portfolio evaluation with no cost or obligation. Contact Doug Wied at (209) 956-2990. -------------------------------------------------------------- Economic Highlights * Economic data solidifies, paints a brighter picture - Third quarter U.S. GDP growth was revised up to 4.0%, beating estimates. Also surprising economists, consumers played a much larger role in GDP growth than inventory rebuilding. Of the 4% growth, final demand from consumers added 3.4% (85%) while inventory growth contributed only 0.5% (12.5%). In the four quarters following the September 11 attacks, the U.S. economy has grown at an average annual rate of 3.2%, much better than had been anticipated. - Durable goods orders rose 2.8% in October, breaking a three-month streak of declining orders. The rise in orders beat economists' estimates for only 1.5% growth. One particularly encouraging figure in the report showed orders for capital goods surged 5.3%, suggesting companies may finally be replacing aging equipment. - Personal incomes grew 0.1% and personal spending rebounded 0.4% in October. Economists were expecting incomes to grow 0.2% and spending to increase 0.3%. - Consumer confidence improved for the first time in six months during November. The Conference Board's index rose to 84.1 from 79.6. - Initial jobless claims plunged to 364,000, the lowest level since the week ended February 17, 2001. Economists were expecting claims to grow to 385,000. The four-week moving average declined from 397,000 to 385,750. -------------------------------------------------------------- Bond Market Comments * Bond yields relatively unchanged from last week: - For the week, the 30-year Treasury bond's yield rose 3 basis points to close at 5.05%. The 10-year Treasury note's yield also rose 3 basis points to close at 4.21%. -------------------------------------------------------------- Stock Market Comments * Equities finish slightly ahead: - For the week the Dow Jones Industrials rose 90 points or 1.02%, closing at 8,895. The broader S&P 500 rose 5 points, or 0.5%, to close at 936. The NASDAQ Composite climbed 10 points, or 0.7%, to close at 1,479. -------------------------------------------------------------- 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