Dow Gains 30 in Early Trading
May. 19, 1999
NEW YORK (AP) _ Stock prices have opened higher. The Dow Jones industrial average is up 30 points in today's early going. Advancers on the New York Stock Exchange hold a nearly 2-1 lead over decliners.
The Nasdaq Composite Index is up 11 points and the S-and-P 500 Index is up five points.
Analysts say stocks lack direction right now, but that the market may be showing some relief following the Fed's meeting yesterday.
Even though the central bank signaled a rate hike may be on the way, it chose not to bump up short-term rates yesterday.
And since the bond market had already priced in a move by the Fed, some market-watchers say there may now be a little room to move higher.
Wall Street also gets the chance today to react to earnings reports from Dell Computer, Applied Materials and Lycos.