Wall Street Stocks Open Higher
May. 11, 2000
NEW YORK (AP) _ Stock prices have opened higher with the Dow Jones Industrial Average up 48 points in today's early going. Advancing issues on the New York Stock Exchange hold a 9-to-4 lead over decliners.
The Nasdaq Composite Index is ahead 67 points and the Standard & Poor's 500 Stock Index is up 12 points.
Weaker-than-expected economic news is giving Wall Street a boost at the start of trading.
Stocks are getting a bounce after a report showing retail sales fell two-tenths of a percent in April.
For some, it's a welcome relief after three days of selling that left the popular averages at their lowest levels in nearly a month.
For others, it amounts to artificial optimism.
At this point, many analysts think the Fed will raise interest rates next week, perhaps by as much as a half-percentage point.
And even though today's retail sales report is generally welcome news for those afraid of an overheating economy, it probably isn't enough by itself to change the Fed's mind about the course of monetary policy.