The Fed says in its beige book, which details economic conditions around the nation, that the economy has slowed further in the last two months. Still, investors appear relieved the report wasn't worse.
Stocks have been higher after five days of selling on word of a possible Chinese economic stimulus package and an Obama administration plan to help struggling homeowners.
The Dow is up 144 points at the 6,870 level. The S&P 500 index is up 14 at 711, while the Nasdaq composite index is up 30 at 1,352.
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