Markets Open Up

Wall Street opened up slightly in trading this morning despite another dismal jobs report out today that shows U.S. unemployment has risen to at least 8.1 percent.

In the first 20 minutes of trading, the Dow is up 130 points points, or about 2 percent.

The broader S&P 500 is up more than 2 percent and the tech-heavy Nasdaq is up about 1.3 percent.

Department of Labor unemployment statistics do not count unemployed workers who have given up looking for work, so the 8.1 percent figure is likely low.

In other news, Wells Fargo became the latest big company to slash its dividend to save cash. The bank said it will cut its dividend by 85 percent in an effort to save about $5 billion per year.

-- Frank Ahrens
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