[BRIEFING.COM] Stocks open modestly higher following yesterday's impressive turnaround when the S&P 500 gained 5.4% from its intraday low.  Traders will be looking for a follow-through in order to gain confidence that yesterday's move was more than a short-covering rally.

Helping sentiment this session is continued optimism that there will be a bond insurer bailout plan.  Weekly jobless claims came in at 301,000, lower than the expected reading of 320,000.  This is lower than the typical recessionary levels of over 450,000 and should be a positive for the stock market and economic outlook.

December existing home sales is set for release at the top of the hour.  Briefing.com expects sales to hold steady at a seasonally adjusted annual rate of 5.00 million.