Stocks were cautiously higher early Wednesday, as Washington shared the spotlight Wednesday with news from Research in Motion (RIMM) , Sirius XM (SIRI) - Get Report, Toll Brothers (TOL) - Get Report, and the first initial public offering in three months.
Dow Jones Industrial Average
was recently rising 80 points at 7969, and the
was better by 10 points to 837. The
also was higher by 16 points at 1541.
Any bounce we get today comes after a hammering on Tuesday, when the indices sank more than 4% after Treasury Secretary Timothy Geithner presented a bank rescue plan that came across as vague and shy on specifics.
Investors continue to track the $800 billion economic stimulus. That package passed in the Senate on Tuesday, although Republican and Democratic leaders are still disagreeing about the breakdown in spending. It will now go to a joint committee of the House and Senate for a compromise.
Corporate news offered its own picture of the economic recession on Wednesday. Homebuilder
said revenue for the first quarter
fell 51% from a year prior, to $409.3 million, as potential homebuyers evade the market.
Also, according to a late-Tuesday report by the
New York Times
may file for chapter 11 bankruptcy protection "within days" as it struggles to wrestle down debt. The company's shares were sharply lower early Wednesday.
Research in Motion
shares were down also - more than 12% -- early Wednesday. The Blackberry maker said it expects fourth-quarter revenue
to be at or near the midpoint of its previously forecasted range, with gross margins and earnings-per-share at the lower end of previous guidance.
Research in Motion will also reportedly acquire digital-encryption technology company Certicom for 3 Canadian dollars a share, or $2.41 a share in cash, winning a bidding war with internet infrastructure company
Wednesday marks the first initial public offering in 2009, and the first in three months. A spinoff of
Bristol Myers Squibb
, pediatric-nutrition-products maker Mead Johnson & Co. said Wednesday it will price its IPO offering 30 million shares at $24 a share, the high end of its planned price range.
Crude oil was rising 31 cents to $37.86, while gold was rising $8.30 to $922.50.
Longer-dated Treasuries were recently rising; the 10-year note was recently up1/32 to yield 2.8%, the 30-year was adding 7.5/32, yielding 3.5%.
The dollar was recently stronger against the pound and euro, and weaker against the yen.
Stocks were mixed overseas. In Europe, the FTSE in London was slightly lower and DAX in Frankfurt slightly higher. In Asia, Japan's Nikkei lost modest ground, and Hong Kong's Hang Seng closed down 2.5%.