Stocks Open Higher Ahead of Stimulus Package Vote

Investors hoped for quick approval of an economic stimulus package by lawmakers as well as the stabilization of the banking industry. The Dow surged nearly 100 points to 8274 while Nasdaq soared 27 points to 1532.

On the upside

Wells Fargo (NYSE: WFC) posted a quarterly loss while keeping its dividend payment intact. To the relief of investors, the banking giant also maintained assumptions about risks associated with its recent acquisition of Wachovia.

AT&T (NYSE: T) reported higher revenues and lower earnings while adding 2.1 million wireless subscribers in the 4th quarter thanks to sales of Apple's iPhone (Nasdaq: AAPL).

ConocoPhillips (NYSE: COP) posted lower revenues and a massive loss due to one-time charges, but its operating income was better than expected.

Shares of State Street (NYSE: STT) soared after its private equity group reported a 60% increase in assets under management for 2008.

On the downside

Century Aluminum (Nasdaq: CENX) announced plans to raise $100 million by offering new shares.

Legg Mason (NYSE: LM) posted a 3rd quarter loss that missed expectations. The investment bank also missed revenues targets.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 8 points to 463.