Opening Bell Report

The markets opened higher as lawmakers attempted to revive the $700 billion rescue package.  The Dow soared nearly 200 points to 10,555 while Nasdaq rose 45 points to 2028.

On the upside

Conexant Systems (Nasdaq: CNXT) raised its profit outlook due to the semiconductor company's efforts to control costs.  Revenues are expected to stay steady.

Shares of Sovereign Bancorp (NYSE: SOV) rose following a Wall Street Journal report that the bank may name a new chief executive officer.

Mortgage insurer Genworth Financial (NYSE: GNW) may spin off some of its riskier businesses.

On the downside

Reliant Energy (NYSE: RRI) lowered its outlook having raised $1 billion in new capital.

Shares of Circuit City Stores (NYSE: CC) fell below $1 a share after an analyst downgraded the consumer electronics retailer.

Fitch Ratings lowered the financial outlook for Hartford Financial (NYSE: HIG) due to a drop in value of assets held by the insurer.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 6 to 5 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 5 points to 663.