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US stocks open up on stronger economic signals; euro tanks on news Greece needs more elections
Stocks are opening modestly higher after some positive news about the U.S. economy, but conditions in Europe appear to be worsening.
The euro tanked Tuesday to below $1.28 and European stocks fell after efforts to form a government in Greece collapsed. Newly-elected political leaders there are unable to agree about whether to accept more international bailouts and continue with painful spending cuts.
In the U.S., a survey by the New York Fed found that manufacturing activity in the New York region rebounded this month far more strongly than economists had expected. Retail sales rose modestly in April.
The Dow is up eight points at 12,703 shortly after the market opened. The S&P 500 index is up a point at 1,339. The Nasdaq composite index is up five at 2,907.