U.S. stocks open with gains, financials rebound

21 January 2009 @ 10:47 am EDT

U.S. stocks climbed on Wednesday after tumbling steeply Tuesday on worries that governments would be forced to take over banks to avoid a financial meltdown.

Technology shares led Wednesday's bounce back with financial shares recovering from a nearly 17 percent fall yesterday.

The Dow Jones industrial average rose 158.58, or 1.99 percent, to 8,107.67 in the first hour of trading.

The Standard & Poor's 500 index climbed 18.21, or 2.26 percent, to 823.43, and the Nasdaq composite index was up 33.30, or 2.31 percent, to 1,474.16.

Technology stocks were pulled higher on IBM's positive 2009 forecast. The financial sector was mixed, rebounding from heavy selling Tuesday and airlines dropped on gloomy profit reports from American Airlines, and United Airlines.

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