Stocks open moderately higher after sell-off

NEW YORK - A day after a steep selloff on Wall Street, investors are looking for bargains but are still very cautious about the banking industry and the overall economy.

The gains in stocks aren't surprising after stocks tumbled more than 4 percent on Tuesday. That drop was triggered by disappointment in the government's plans to overhaul the $700 billion financial rescue package passed by Congress last fall. The market is also worried about the government's ability to pull the economy out of recession.

In the early going, the Dow Jones industrial average is up 74 at 7,962. The Standard & Poor's 500 index is up 7 at 834 and the Nasdaq composite index is up 14 at 1,538.

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