Stocks Open Higher after Big Drop

The Wall St. street sign is photographed in front of the American flag hanging on the New York Stock Exchange prior to a NYC Central Labor Council rally for worker protections, Thursday, Sept. 25, 2008 in New York. (AP Photo/Mary Altaffer)
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NEW YORKWall Street is bouncing back after Monday's big selloff, rising moderately as buyers wade back into the market in search of bargains.

The market is adhering to what's become a pattern during this long economic downturn, rebounding after a sharp loss. But investors are being cautious; some financial stocks are falling amid ongoing concerns about the sector's health.

Investors are also mindful that the retail and auto industries are struggling amid a sharp pullback in consumer spending. But Wall Street is hopeful for some sort of resolution for the nation's top three automakers, who are scheduled to submit to Congress Tuesday their plans for remaking themselves with government money. Investors are also awaiting automakers' U.S. sales figures for November.

The Dow Jones industrials are up 74 points at the 8,233 level a day after falling nearly 680. Broader indexes are also higher.