Stock indexes recover from a morning slide

US stock prices turn higher in midday trading on Wall Street; Macy's up after earnings rise

Associated Press
Stocks climb as traders shrug off economic reports
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Traders gather at the post of specialist Ronnie Howard, center, on the floor of the New York Stock Exchange Monday, April 29, 2013. Enthusiasm on Wall Street sparked by another positive report on the U.S. economy helped push most Asian stock markets higher Wednesday May 15, 2013. But lower-than-expected German economic growth disappointed investors elsewhere. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stock prices are shaking off a morning slump and turning higher in midday trading on Wall Street.

Macy's rose 2 percent, or 97 cents, to $48.36 after reporting a 20 percent profit increase, despite cool temperatures.

The market got off to a weak start after the Federal Reserve reported that manufacturing slowed last month.

The Dow Jones industrial average was up 45 points at 15,260 as of noon Eastern Daylight Time Wednesday, a gain of 0.3 percent. It was down 40 points in the morning.

The Standard & Poor's 500 index rose six points to 1,656, or 0.4 percent. Both the Dow and S&P closed at record highs the day before.

The Nasdaq composite rose seven points, or 0.2 percent, to 3,469.

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