Stocks Fluctuate Following Tame Inflation Report

NEW YORK (AP) – Stocks are fluctuating following a Philadelphia Federal Reserve report that regional manufacturing conditions have weakened in October.

The Philadelphia Fed’s reading on manufacturing came in at a negative 37.5 compared with a positive 3.8 for September.

Wall Street has wavered since the start of trading, seeking a direction after the previous session’s steep dive and after a reading on consumer prices came in better than expected.

Investors are anxious after the market plunged Wednesday on a stream of bad economic news that underscored the likelihood that the country is either in a recession or will be in one – and that the downturn will be severe.

The Dow is down 127 at the 8,450 level after being up 141 points in the early going.

(Copyright 2008 by The Associated Press. All Rights Reserved.)