Markets Open Up

Wall Street opened up early trading, shrugging off news reports that Bank of America may have to raise as much as $34 billion in new capital.

In the first 15 minutes of trading, the Dow is up 55 points, or a little more than half of 1 percent.

The broader S&P 500 is up nearly 1 percent and the tech-heavy Nasdaq is barely above water.

Perhaps traders figured on Bank of America: We knew it was sick, we didn't buy what chief executive Ken Lewis said about wanting to give back the federal bailout money anyway, so the BofA news is already priced into the market.

Also, private sector job losses slowed in April, according to ADP Employer Services data released this morning, news that is cheering the markets.

-- Frank Ahrens
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