Updated from 9:15 a.m. EDT
Stocks in New York opened higher Thursday as the prospect of a quick bailout for financial firms trumped a gloomy earnings forecast from
(GE - Get Report)
and discouraging economic data.
Dow Jones Industrial Average
was up 80 points at 10,906, and the
climbed 7.2 points to 1193. The
added 16 points to 2171.
On Wednesday, the three major indices finished narrowly mixed after a day of erratic trading. Investors were focused on Treasury Secretary Henry Paulson's $700 billion bailout plan for the financial sector.
Speaking Wednesday evening in Washington, D.C.,
called for a quick approval of the Treasury's plan and warned the economy would face a recession if the package were not approved. Bush called an emergency meeting with presidential candidates John McCain and Barack Obama, as well as certain members of Congress, to work out a plan to pass the bill.
After Bush's speech, Rep. Barney Frank, chairman of the House Financial Services Committee, told
that he believed the bill would pass.
Back on Wall Street, harried bank
(WM - Get Report)
was approaching private equity companies, including
(BX - Get Report)
, about a potential takeover, according to a report in the
Wall Street Journal
lowered its third-quarter profit forecast and suspended its stock-buyback program, citing weakness in the financial markets.
Elsewhere, shareholders in
(DAL - Get Report)
are scheduled to vote on a merger between the two airlines, according to a report by the
As for corporate earnings, athletic apparel maker
(NKE - Get Report)
that increased year over year and bested the Street's estimates.