News Today - Aug 04

* The S&P 500 gained 1.5 percent to close at 1,002.63, the first time the S&P has closed above 1,000 since Nov. 5. The number is not only psychologically important but also technically: It puts the index up 50 percent from its March 6 low of 666.

* Global banking giant HSBC reports a 57% drop amid surging hits from bad loans, but shares rise on hopes losses have peaked.

* Manufacturing in the U.S. shrank less than forecast as stimulus-induced gains in demand worldwide helped resuscitate factories from the worst slump in three decades.

* The European manufacturing industry’s contraction slowed more than initially estimated in July, adding to indications the worst recession in six decades may have bottomed out.

* The United States, Europe and Japan still face the possibility of a double-dip recession and at the very least will experience below-potential economic growth for the next couple of years, said economist Nouriel Roubini