Week in review

As Seattle cops and Washington National Guardsmen were trying to calm protesters who believe the World Trade Organization isn’t merely 135 countries’ worth of hot air, couriers were bringing tidings of comfort and joy about the nation’s economy.

Growth is slowing but continuing steadily toward the longest peacetime expansion in history, figures from the National Association of Purchasing Management and the Conference Board indicate, with 10 straight months of growth in manufacturing.

Abby Joseph Cohen, the nation’s leading female bull and head of Goldman Sachs Group Inc.’s investment committee, takes a somewhat restrained view. She sees only a 5% rise in Standard & Poor’s 500 stock index in the next six months or so. That means good news for active mutual fund managers, almost all of whom have been clobbered by indexers this decade.

Outta sight

Fidelity Investments is reaching into space for its latest pitchman. Well, not exactly a pitchman like Peter Lynch in commercials, but more of an elder statesman to run panel discussions and that kind of thing, like, well, Peter Lynch.

The spaceman, of course, is Lou Dobbs, former president of CNNfn, now head of space.com and publisher of a newsletter and host of a radio show in partnership with NBC. Talks have been going on (Mr. Dobbs has already moderated a live webcast with Fidelity money managers) but the Boston company hasn’t brought him completely into its orbit.

One thing that’s out of the Dobbs solar system: commercial endorsements. “I have no interest in being a spokesman,” he intoned.

Look out, Schwab

Wednesday was D-for-Direct Day for Merrill Lynch & Co. Inc. and its invasion of the world of web brokerage.

Its $29.95-a-trade online service, called Merrill Lynch Direct, was announced last summer, partly, some mean-minded observers speculate, to give its 14,000 full-commission brokers a chance to get used to being undercut. Advertising for the new program won’t start until February, well past the holidays and the millennium hoopla.

About 5% of Merrill’s 5 million customers already trade online through Unlimited Advantage, which costs them $1,500 a year.

H-bomb secrets?

Our old friend Christian Curry and his $1.78 billion suit against former employer Morgan Stanley Dean Witter & Co. are back in the news. Joseph Luethke, the discredited witness against Mr. Curry, refused to answer questions in pre-trial proceedings for fear that he might disclose government secrets. A federal judge ordered him to talk.

Mr. Curry, you recall, was fired on grounds that he had padded his expense account; he contends he was fired illegally because he is black and because photos of him appeared in a gay porno mag. He also charges that Mr. Luethke tried to set him up on false criminal charges at the company’s behest.

Is this the end of Cherry Garcia?

The sweetest deal of the year is looming for Ben & Jerry’s Homemade Inc. The charity-minded ice cream maker’s board is considering three buyout offers, although spokesscoopers emphasized its policy of remaining independent and based in Vermont.

Etc.: All even

The almost-year-old euro can-canned around parity with the buck for the first time…The Bank of England sold another 25 tons of gold, at $293.50 an ounce…Drug stocks took a hit as a Donaldson Lufkin & Jenrette analyst cut his sector rating, believing election year-besotted Washington is about to take up the issue of prescription drug costs. Early campaigning claims another victim.