By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks opened lower and then
tipped slightly higher on Friday, a day after the S&P 500 index
had its best session since Jan. 2, with investors adopting a
cautious stance ahead of a report on consumer confidence.
"In recent weeks, big one-day stock-market rallies have lacked
buy-side follow-through over the next few days. We need to see a
steady flow of better-than-expected economic or corporate news to
propel the stock market back to the pace of the rally seen between
November and mid-May," wrote Fred Dickson, chief investment
strategist at Davidson Companies, in emailed research.
The Dow Jones Industrial Average (DJI) was down 2 points at
15,172.
The S&P 500 index (SPX) gained 1 point to 1,637.
The Nasdaq Composite (RIXF) rose 1 point to 3,446.
Decliners just outpaced advancers on the New York Stock
Exchange, where 48 million shares traded as of 9:40 a.m.
Eastern.
Composite volume came to 152 million.
Groupon Inc. (GRPN) jumped 7.7% after the daily-deal site drew
an upgrade by Deutsche Bank AG.
Smith & Wesson Holding Corp. (SWB) rose 5.8% after the gun
manufacturer reported initial earnings above expectations.
Eli Lilly & Co. (LLY) fell after halting a trial of an
experimental Alzheimer's drug.
Smithfield Foods Inc.'s (SFD) shares held steady after the hog
producer reported a steep drop in net profit.
Ahead of Wall Street's start, stock-index futures retained mild
losses after the Labor Department reported producer prices rose
0.5% in May, the first increase in three months, and then a
separate report had U.S. industrial production unchanged in
May.
On Thursday,. late-session gains kicked in after Wall Street
Journal reporter Jon Hilsenrath, considered an influential voice on
central-bank policy, said Federal Reserve Chairman Ben Bernanke
will likely choose next week's meeting to try to soothe market
fears that the central bank is headed towards the easing exit in a
hurry.
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