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November 02, 2011 05:39 AM

Wednesday Morning Business Brief


This has not been a good week for the stock market so far. In the latest session, the Dow fell 297 points, or 2.5 percent, to close at 11,658. It was the biggest one-day point drop for the Dow since Sept. 9. The S&P 500 lost 35 points, or 2.8 percent, to 1,218. The Nasdaq composite dropped 77 points, or 2.9 percent, to 2,607. Futures trading suggests gains this morning.
  • International stock markets began to claw back some lost ground today, following a wave of selling sparked by fears that Greece might reject an austerity plan and default on its massive debts. European shares show signs of recuperation in early trading, as did some Asian shares earlier.
  • Oil prices rose to near $93 a barrel today in Asia amid news the Greek prime minister has been summoned by the leaders of Germany and France. He'll be asked to explain his surprise decision to hold a referendum on the debt-stricken country's latest rescue package.
  • French President Nicolas Sarkozy will hold emergency talks today with European leaders in a last-ditch bid to salvage his Group of 20 meeting of world leaders this week. The meeting comes after the shock decision by Greece's prime minister to put his country's financial rescue to a popular vote.
  • The Federal Reserve today wraps up a two-day policy-setting session. It is not expected to announce any new initiatives to help the economy.
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