NEW YORK (AP) _ Stock prices are higher in early Wall Street trading on Thursday. The Dow Jones industrial average is up 39 points. On the New York Stock Exchange, advancers hold a better than 2-to-1 advantage over decliners.

The Nasdaq composite index has gained 17 points and the Standard & Poor's 500 stock index is up 6 points.

Wall Street may be drawing strength from fresh pair of interest rate cuts.

Both the Bank of England the European Central Bank have decided to cut key lending rates by a bigger-than-expected one-half percentage point today.

The move has given European equities averages a midday trading boost.

On a more negative note, major retailers are reporting October sales figures today. And for many, the results were pretty weak, although discounters once again outperformed their competitors.

And there is some merger news, with energy trading rivals Dynegy and Enron discussing a possible deal.