Stocks Jump 350+ at Open

Dow up nicely again
By Kevin Spak,  Newser Staff
Posted Oct 14, 2008 8:53 AM CDT
A board on the floor of the New York Stock Exchange shows yesterday's closing number for the Dow Jones Industrial Average.   (AP Photo/Richard Drew)
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(Newser) – Stocks were up once again today at the open, as investors cheered the government’s latest rescue moves. The Dow rose 363, while the Nasdaq and S&P rose 2.2% and 3.7% respectively, the Wall Street Journal reports. American stocks were again following on the heels of recoveries overseas; Tokyo’s Nikkei jumped a whopping 14.2%. US credit markets, closed yesterday for Columbus Day, eased up.

In earnings news, PepsiCo reported a 9.6% drop in third-quarter income, and saw shares slide 2.6% in pre-market trading. Johnson & Johnson, meanwhile, posted a 30% rise in income, and was rewarded with a 4% pre-market rise. Morgan Stanley was another individual stock on the move, jumping 19% pre-market, as the cost of protecting its debt plummeted.