Stocks Open Strong but Quickly Shed Gains

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Stocks opened slightly higher, then quickly lost strength, as the market awaits the results of today's convening of the

Federal Open Market Committee

.

The

Dow Jones Industrial Average

was down 8 to 8101. The

S&P 500

was up 1 1/2 to 1050, while the

Nasdaq Composite Index

was down 1 to 1738 and the

Russell 2000

was down half a point to 367 1/2.

The 30-year Treasury bond was recently up 2/32 to 105 18/32, yielding 5.13%.

The vast majority of the market expects the FOMC to ease the federal funds target rate, which currently stands at 5.5%. The only question, market participants have said, is how much the Fed will ease. Traders have said a 25-basis-point easing has already been priced into the market. Results of the meeting will likely be released around 2:15 p.m. EDT.

Most Up at Open -- NYSE

Greenpoint Financial (GPT) , up 1 11/16 to 32

.

Most Up at Open -- Nasdaq

Nautica Enterprises (NAUT) , up 3 3/4 to 20

: The company this morning reported second-quarter earnings per share of 46 cents compared to a year-ago 36 cents per share.

First Call's

12-analyst consensus estimate projected 43 cents.

Most Down at Open -- NYSE

General Signal (GSX) - Get Report, down 1 9/16 to 31 3/4

.

Most Down at Open -- Nasdaq

PC Connection (PCCC) , down 10 to 10 5/8

: The firm said yesterday said it will report third-quarter earnings of between 18 cents and 22 cents per share, missing the two-analyst forecast of 24 cents, according to First Call's consensus estimate.