U.S. stocks opened slightly lower on Friday, as investors assessed a gauge of manufacturing activity in New York State that indicated a rebound this month. The Dow Jones Industrial Average
DJIA,
was down 0.2% soon after the opening bell, while the S&P 500
SPX,
slipped 0.4% and the Nasdaq Composite
COMP,
fell 0.2%, according to FactSet data, at last check.
The Federal Reserve Bank of New York released data from its Empire State manufacturing survey on Friday, with the business conditions index climbing to 1.9 this month. Any reading above zero indicates improving conditions in the state. The data was stronger than forecast, as economists polled by the Wall Street Journal had expected a negative reading. The Fed has been tightening monetary policy in an effort to cool the U.S. economy and bring down inflation.