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Stocks Open Modestly Higher

November 6, 2002

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NEW YORK (AP)_ Stock prices have started modestly higher on Wall Street.

The Dow Jones industrial average was ahead 20 points. Gainers outnumbered losers by about 2 to 1 on the New York Stock Exchange.

The Nasdaq composite index was up 4 points, and the Standard & Poor’s 500 added 3.

Now that the elections are out of the way, and a Republican Congress is on the way, the Federal Reserve takes center stage. The Fed’s policy panel was meeting on interest rates in Washington.

Economists are in general agreement the Fed will decide to trim short-term interest rates, announcing a decision at 2:15 p.m. EST.

There was also some discussion that the resignation of SEC chairman Harvey Pitt will prove to be a short-term positive for equities.

Among individual stocks to watch, shares of Amgen and Brocade Communications have received downgrades.

Priceline.com fell short of estimates with its quarterly report.

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