Stocks Digging Themselves Out of the Hole
Updated from 11:05 a.m. EDT
Stocks on Wall Street were working their way up from early losses Thursday as an encouraging manufacturing report helped investors look past a raft of otherwise disappointing economic data.
The Dow Jones Industrial Average continued to see mixed trading, though recently it was 14 points higher at 12,912. The S&P 500 climbed 3 points to 1412, and the Nasdaq Composite tacked on 12 points to 2509.
Investors were bearish at the open but perked up after northeastern factory activity data showed vast improvement. The Philadelphia Fed Index came in at negative 15.6 for May -- still a sizable contraction, but far less egregious than last month's decline of 24.9, and better than the economists' consensus for negative 19."Overall the survey is soft," said Ian Shepherdson, chief U.S. economist with High Frequency Economics, in an emailed statement, "but its weakness has not been fully reflected in the one industrial survey that really matters, the
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