MW: U.S. stocks open higher on jobs, banks optimism
U.S. stocks rose firmly at Wednesday's open, boosted by a better-than-expected reading of private-sector employment in April and optimism over the ability of banks to raise capital. The government will release Thursday the official results of its so-called stress-tests of 19 major banks. The Dow Jones Industrial Average gained 60 points, or 0.7%, to 8,471, with 20 of its 30 components advancing. Bank of America shares rose 7% after reports said the firm would need more than $30 billion in new capital to comply with the stress test. It appeared existing government investment can be applied to cover this. The S&P 500 index rose 8 points, or 0.9%, to 912, while the Nasdaq Composite gained 5 points, or 0.3%, to 1,759.
