Stocks jump at open on Wells Fargo profit surprise
NEW YORK -- Wall Street is opening higher after banking giant Wells Fargo & Co. issued a surprise profit announcement that was far above analysts' estimates.
The Wells Fargo news Thursday is a welcome sign for investors who have been looking for indications that the credit and lending markets are improving.
The market is looking past uneven monthly sales reports from retailers and mixed economic news and sending banks and other shares sharply higher.
In the early going, the Dow Jones industrial average is up 145 at 7,982. The Standard & Poor's 500 index is up 18 to 844, and the Nasdaq composite is up 28 at 1,619.
