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Indexes edge up as Fed slowdown fears ebb

6:11 AM, May 31, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) - Two lackluster economic reports are convincing traders that the Federal Reserve will continue to boost the economy with its stimulus program. And that pushed the stock market slightly higher yesterday.

Unemployment claims rose and an initial estimate of first-quarter economic growth was revised slightly lower. That suggests the U.S. economy may still need some time to recover from its funk and that the Fed will keep up its $85 billion in monthly bond purchases.

The Dow Jones industrial average rose nearly 22 points to 15,324 yesterday, or 0.1 percent.

The Standard & Poor's 500 rose six to 1,654, or 0.4 percent. The Nasdaq rose nearly 24 points to 3,491.






Associated Press

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