Wall Street opened flat on Friday as a reassessment of the recent sharp market run-up could keep gains in check despite hopes the economic slowdown is moderating.

The Dow Jones industrial average <.DJI> dropped 3.50 points, or 0.04 percent, to 8,164.62. The Standard & Poor's 500 Index <.SPX> slid 0.50 points, or 0.06 percent, to 872.31. The Nasdaq Composite Index <.IXIC> gained 0.17 points, or 0.01 percent, to 1,717.47.

(Reporting by Chuck Mikolajczak)