Stocks jump at the open
Markets higher, with major indexes bouncing off 12-year lows.
NEW YORK (CNNMoney.com) -- Stocks bounced higher Wednesday at the open, giving hope that Wall Street may halt the market slide that has left the Dow and S&P 500 at their lowest levels in about 12 years.
Just after the open, the Dow Jones industrial average was up 96 points, or 1.4%. The broader Standard & Poor's 500 index jumped 11 points, or 1.6% and the tech heavy Nasdaq was up 18 points, or 1.4%.
On Tuesday, the major indexes could not hold early gains as the continued concerns about the global economy plagued investors. The Dow lost 37 points to 6,726.02, the lowest finish since April 18, 1997. The S&P 500 ended at its lowest point since Oct. 10, 1996, while the Nasdaq closed at a 3-month low.
Markets: The U.S. markets got a lift from overseas. Asian stocks ended higher, with Hong Kong's Hang Seng index up 2.5% after China said manufacturing activity increased for the third straight month and amid reports that the Beijing government will add to its $585 billion stimulus program.
European stocks also posted solid gains in early trading.
Economy: News on the job front was mixed.
Payroll services company ADP said the private sector shed 697,000 jobs in February, much more than expected. But the outplacement group Challenger, Gray and Christmas said the number of planned job cuts announced in the month fell for the first time since December.
The two jobs reports serve as a preface for the government's February data due Friday.
At 10:30 a.m. ET, the government reports on oil inventories for last week. And, at 2 p.m. ET, the Federal Reserve issues its "beige book" report on economic conditions around the nation.
Companies: Retailer Costco (COST, Fortune 500) posted a 27% drop in profits, which it attributed to an overall weak economy.
Luxury home builder Toll Brothers (TOL, Fortune 500) said its losses narrowed in the quarter, although they still came in slightly worse than estimates.
Housing: The Obama administration is expected Wednesday to announce guidelines to help banks determine which homeowners are most in need of help to prevent foreclosure, administration officials familiar with the plan told CNN.
Oil, dollar: Oil rose $1.65 to $43.30 a barrel in electronic trading. The dollar rose to a 4-month high against the yen, nearing the ¥100 mark, and was up against the dollar as well. 
