Bloodied Stocks Rebound

Selloff brings in sellers
By Kevin Spak,  Newser Staff
Posted Nov 21, 2008 8:45 AM CST
Specialist Robert Tuccillo, center, works with colleagues on the floor of the New York Stock Exchange Thursday, Nov. 20, 2008.    (AP Photo/Richard Drew)
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(Newser) – Stocks took a big bounce at the open today, after two brutal days that sent markets to 11-year lows. The Dow jumped 137 at the open, with the S&P and Nasdaq trading 2.2% and 1.8% higher, respectively. Citigroup shares jumped 5%, on news the company was considering selling all or part of itself. The company has dropped 50% in the past two days.

Dow component Wal-Mart rose 2%, after announcing a succession plan for CEO Lee Scott. Dell, meanwhile, posted a better-than-expected quarter, much as rival Hewlett-Packard did earlier this week, and saw shares rise 1%. Gains in overseas markets also helped ease anxiety, as major Asian markets ended today up and European indexes were showing modest midday gains. The euro rose slightly against the dollar as investors put their safe-haven cash reserves to work.