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Dow Gains 61 in Early Trading

June 28, 1999

NEW YORK (AP) _ Stock prices have opened higher. The Dow Jones industrial average is up 61 points in today’s early going. Advancers on the New York Stock Exchange hold a 5-2 lead over decliners.

The Nasdaq Composite Index is up 18 points and the S&P 500 Index is up eight points.

Wall Street is kicking off what figures to be an eventful week.

First and foremost, the Federal Reserve holds a two-day meeting on interest rates tomorrow and Wednesday.

Many analysts expect to see a quarter-point hike in short-term rates from the central bank.

At the same time, the second quarter ends on Wednesday, so there could be some window-dressing in the market the next couple days.

Portfolio managers may want to sell underperforming issues and buy stronger stocks to give the impression of a good quarter.

Also, the economic calendar is busy this week, capped off by Friday’s report on June unemployment levels.

Earlier today, the government released a report showing personal incomes rose 0.4 percent in May, with consumer spending up 0.6 percent.

Bond prices are higher on the news.

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