Stock market today: Wall Street opens slighlty higher but is still heading for a losing week

NEW YORK — Stocks are opening modestly higher following Wall Street’s worst day since April. The S&P 500 was up 0.3% in early trading Friday, but it may still be heading for its first losing week in the last five. The Dow Jones Industrial Average was up 101 points, and the Nasdaq composite was up 0.4%. Ross Stores and Deckers Outdoor jumped after reporting solidly better profit than analysts expected.

Stocks broadly began pulling back from record highs earlier in the week on concerns that a strong U.S. economy will prevent the Federal Reserve from cutting interest rates any time soon. More important inflation data comes late next week in the form of the government's consumer spending report, which includes a measure of inflation of particular interest to the Fed and its policymakers.

“In fact, in seasonally-adjusted terms, consumer prices excluding fresh food and energy have now held steady for two consecutive months. That means that it won’t take long before inflation excluding fresh food and energy falls below the Bank of Japan’s 2% target,” Marcel Thieliant of Capital Economics said in a commentary.

A rally in property shares after the announcement of new measures to support the ailing industry has proven short-lived as market players question whether it will be enough to end a prolonged crisis in the housing sector.

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