Dow Up 72 in Early Trading
NEW YORK (AP) _ Stocks moved higher Wednesday as more encouraging economic news sent blue-chip stocks higher.
In the first hour of trading on Wall Street, the Dow Jones industrial average was up 72.53 at 10,679.48.
Broader stock indicators were also higher. The Standard & Poor’s 500 index was up 6.15 at 1,444.25 and the Nasdaq composite index was up 39.40 at 3,724.92.
Blue-chip stock prices surged early in the session after the U.S. Conference Board reported that its leading economic indicators were unchanged in June.
Investors took that as a sign that the economy may be slowing down in response to the Federal Reserve Board’s strategy of raising interest rates during the past year.
On Tuesday, three other reports indicated that the economy is slowing down. If so, the Fed may leave rates stable at their next meeting Aug. 22, which would benefit the interest rate sensitive Dow Jones industrial stocks.
Advancing issues were about even with decliners on the New York Stock Exchange, where volume came to 126.72 million shares.
The Russell 2000 index was down 1.11 at 496.68.
Overseas, Japan’s Nikkei stock average rose 0.66 percent. In afternoon trading, Germany’s DAX index was down 0.43 percent, Britain’s FT-SE 100 was up 0.23 percent, and France’s CAC-40 was down 0.29 percent.
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com