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Stocks mixed in early trading on Wall Street

May 24, 2012|By Andrew Tangel
  • Traders on the floor of the New York Stock Exchange.
Traders on the floor of the New York Stock Exchange. (Allison Joyce / Getty Images )

NEW YORK — Stocks were mixed in early trading on Wall Street but turned positive following government data showing strong bank profits.

An hour after the opening bell on Wall Street, the Dow Jones industrial average was up 31 points, or 0.3%, to 12,532.

The broader Standard & Poor's 500 index was essentially flat, up less than a point to 1,319.

The tech-heavy Nasdaq was up 3.6 points, or 0.1%, to 2,853.

Worries over the European debt crisis and worsening recession across the continent have been weighing on investors this week.

But the Federal Deposit Insurance Corp. this morning released data showing strong bank profits in the first quarter.

"The condition of the industry continues to gradually improve. Insured institutions have made steady progress in shedding bad loans, bolstering net worth and increasing profitability," FDICActing Chairman Martin Gruenberg said in a statement.

Facebook's stock, meanwhile, continued to recover from steep losses following its initial public offering last week. While still far below its IPO price of $38 a share, Facebook stock gained 22 cents, or less than 1%, in early trading, to $32.22.


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