US stocks steady ahead of GDP, Fed decision

0 Comments | AFP, April, 2008

NEW YORK (AFP) — Wall Street stocks drifted in a tight range in opening trade Tuesday with investors hesitant ahead of the first estimate of US economic output in the first quarter and a Federal Reserve policy decision.

In the first 10 minutes, the Dow Jones Industrial Average edged up 12.13 points (0.09 percent) to 12,883.88 and the Nasdaq added a fractional 0.22 points (0.01 percent) to 2,424.62.

The Standard & Poor's 500 broad-market index edged up by a fractional 0.10 points (0.01 percent) to 1,396.47.

Investors were awaiting the outcome of a two-day Federal Open Market Committee (FOMC) meeting set to open later Tuesday, with most analysts expecting a quarter-point cut in the base lending rate to 2.0 percent and a signal that the central bank is ready to...