Stocks Rise on Opening Bell

New Wachovia deal boosts optimism
By Kevin Spak,  Newser Staff
Posted Oct 3, 2008 8:48 AM CDT
Traders work on the New York Stock Exchange floor, Thursday Oct. 2, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest drop in nonfarm payrolls since 2003, the Wall Street Journal reports. Many investors were also remaining on the sidelines, awaiting today's House bailout vote.

Wachovia jumped 75% and Wells Fargo rose 8.3%, while Citi shed nearly 10%. Investors were particularly optimistic about the Wells Fargo deal because it won’t require a single cent of government aid. AIG rose 8% after announcing that it would sell a number of its business units. Oil rose 79 cents to $94.76 per barrel.