NEW YORK - Stocks were posting narrow gains at midday in quiet trading before tomorrow's Federal Reserve meeting on inflation and interest rates. Stocks higher
At noon on Wall Street, the Dow Jones industrial average was up 18.66 at 7,940.84 after recovering from an early 28-point deficit.
Broader stock indicators also shrugged off some early weakness despite an increase in interest rates in the bond market. Smaller-
company shares edged back into record territory after a three-session pause in that group's rally.
Advancers outnumbered decliners by a 7-to-6 margin on the New York Stock Exchange, where volume came to 201.51 million shares, down from Friday's pace.
The Standard & Poor's 500 list was up 1.97 at 947.19, the NYSE composite index was up 1.12 at 496.32, and the Nasdaq composite index was up 5.64 at 1,687.88.
The Russell 2000 index of smaller companies was up 1.01 at 449.89, enough to beat last Tuesday's record close of 449.42. The Russell 2000 had closed at record highs for eight straight sessions before slumping on Wednesday and Thursday.
The American Stock Exchange composite index, which is dominated by smaller companies, was up 1.88 at 691.72.76, flirting with its first new high since last Monday.
On Friday, stocks ended a three-
session losing streak with help from an economic report that bolstered expectations for no change in interest rates tomorrow when Fed officials gather for one of their periodic strategy meetings.
The Fed hasn't raised any of its key lending rates since March, when signs of rapid economic growth spurred worries about inflationary pressures.