ECONOMY

ECONOMY BOLSTERED BY MANUFACTURING, NEW HOME SALES

The economy powered ahead in March as manufacturing orders surged and new home sales rose by the most in more than a decade. Orders for durable goods rose 6.1%, the Commerce Department said in Washington yesterday, more than three times the median forecast of economists surveyed by Bloomberg News. Home sales increased 13.8%, the most since April 1993, to an annual rate of 1.213 million.

– Bloomberg News

IN THE COURTS

ENRON’S LAY SAID HE FOLLOWED SCRIPTS PREPARED BY ADVISERS

HOUSTON – The former chairman of Enron, Kenneth Lay, defended his optimistic comments about the company in its waning months, repeatedly pointing to advisers’ recommendations and prepared scripts that had been approved by the company’s accountants and lawyers.

In his third day of testimony, Mr. Lay said that in the last few months of 2001 he leaned heavily on Enron executives and outside advisors for details of financial operations and approval of accounting decisions that he provided investors. At times, he also pushed the executives to provide more details to investors than they had wanted, he testified.

– The Wall Street Journal

IN BRIEF

A new judge has been assigned to oversee the case of Frank Quattrone, the former star investment banker whose conviction on obstruction-of-justice charges was thrown out in March. The new judge assigned to the case Wednesday is Lewis A. Kaplan, of U.S. District Court … Gold prices closed at the highest in more than 25 years as the dollar dropped to a seven-month low against the euro, boosting the precious metal’s appeal an alternative investment. Silver also gained.

– Associated Press and Bloomberg News