Stocks shrug off rout

U.S. stocks open higher as investors seek bargains after Tuesday's 280-point drop, look for Fed rate cut.

August 29 2007: 9:55 AM EDT

NEW YORK (CNNMoney.com) -- U.S. stocks rose sharply at Wednesday's open as investors regained their composure a day after the Dow Jones industrial average fell 280 points on renewed economic fears.

The Dow industrials, The Nasdaq composite index and the Standard & Poor's 500 index rose in early trading.

The calm start follows Tuesday's big selloff, when another weak housing report, coupled with a big drop in consumer confidence and worries expressed at the Federal Reserve's last meeting, sparked a 280 point-drop in the Dow.

Investors will get a break Wednesday from the deluge of economic data, with the government's weekly report on crude inventories the only major release on tap.

Oil prices rose 67 cents to $72.40 a barrel in electronic trading.

Companies in the news Wednesday include State Street (Charts, Fortune 500), Daimler (Charts), Altria (Charts, Fortune 500), Tenet Healthcare (Charts, Fortune 500), Nokia (Charts). Top of page
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
© 2013 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices .