The markets opened higher as U.S. regulators and lawmakers edged closer toward putting together a $700 billion rescue plan for banks. The Dow surged nearly 200 points to 11,020 while Nasdaq soared 40 points to 2195.
On the upside
General Electric (NYSE: GE) lowered its guidance due to weakness in the company's financial business which contributes nearly half of GE's profits. Shares of the Dow component traded sharply lower.
On the downside
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks climbed 8 points to 705.