Stocks Climb on ADP Report

By Kevin Spak,  Newser Staff
Posted May 6, 2009 8:51 AM CDT
Stocks Climb on ADP Report
Traders work on the floor of the New York Stock Exchange Monday, May 4, 2009.   (AP Photo/Richard Drew)

Stocks headed north at the open today as a better-than-expected ADP report outweighed Bank of America's poor "stress test" grade, reports the Wall Street Journal. The Dow rose 64 points, while the Nasdaq and S&P added 9.26 and 8.97 points respectively. Bank of America rose 6% despite news that it needs to raise $34 billion in capital. The economy lost 491,000 jobs last month, according to the ADP report, but that easily beat the 650,000 economists expected. (More stock market stories.)

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