US stock market erases an early loss, turns slightly higher; ends a strong month of gains

NEW YORK, N.Y. – The stock market is turning slightly higher in midday trading as indexes head for strong gains in the month of May.

The Dow Jones industrial average was up 40 points at 15,364 shortly before midday Friday, a gain of 0.3 per cent. IBM led the Dow higher. The index is up 3.5 per cent in May and 17 per cent so far this year.

The Standard & Poor’s 500 index was up a point at 1,655, or 0.1 per cent. The Nasdaq composite was up five points at 3,497, or 0.2 per cent.

All three indexes were slightly lower in early trading.

Lions Gate Entertainment rose 8 per cent to $30.97. The company’s income and revenue beat Wall Street’s forecasts as the company benefited from home video sales of the finale to its hit franchise “Twilight.”