Stocks Open Higher Despite Onslaught Of Bad News


A $1.7 trillion federal deficit, a $9 billion loss at GM and jobless numbers at all-time highs? Hey, maybe it’s all priced in. Not that it’s a real rally, but investors are marginally in a buying mood this morning. The banks are getting a particularly good lift, following through on yesterday’s gains. But still, Citigroup (C) remains below $3, as investors await word of the 40% nationalization scheme. We’ve been hearing that it’ll come any moment now all week.

Other gainers include uber-volatile DryShips (DRYS) which worked out some details with its creditors to avoide bankruptcy and Eddie Lampert’s Sears Holdings, which reported awful numbers, but they were better than expected.