Stocks Rise at Open as Jobless Claims Fall

But volatility ensures we'll need to update this in no time
By Kevin Spak,  Newser Staff
Posted Oct 9, 2008 9:12 AM CDT
Trader Roderick Aird watches U.S. Secretary of the Treasury Henry Paulson, as he works on the floor of the New York Stock Exchange, Wednesday, Oct. 8, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks saw a strong open this morning, with the Dow rising 135 points after a positive quarterly report from IBM and a rally in European stocks, the Wall Street Journal reports. But investors were also mulling a worse-than-expected jobs report. Though new jobless claims fell by 20,000 last week, moving off a 7-year high, analysts had expected a slightly bigger decline.

IBM reported a 20% jump in profits, leading shares to gain 5.3%, as the Nasdaq and S&P gained 2% and 1.5% respectively. It was a bitter anniversary on Wall Street: One year ago today the Dow hit its all-time high. Today also marks the first day that financial stocks can once again be shorted, after a three-week freeze.