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Stocks try for a rebound
New York stock markets rose early then reversed course Friday after the Bureau of Labor Statistics said the producer price index rose 1.1 percent in September.
Reasonable price gains are considered far better than flat or falling prices, which generally point to an economy that is stuck or deteriorating.
In late morning trading, the Dow Jones industrial average lost 15.94 points or 0.12 percent to 13,310.45 after dropping 283.39 points Monday through Thursday.
The Nasdaq composite index, down 86.78 points in the previous four sessions, gave up 8.17 points or 0.27 percent to 3,042.29. The Standard and Poor”s 500 index was down 6.12 points or 0.43 percent to 1,426.72, making back a fraction of the 28.09 points shed this week.
The benchmark 10-year treasury note rose 10/32 to yield 1.644 percent.
The euro rose to $1.2945 from Thursday”s $1.2928. Against the yen, the dollar rose to 78.3 yen from 78.19 yen.
In Japan, the Nikkei 225 index shed 0.15 percent, 12.66 points, to 8,534.12.
Copyright 2012 by United Press International