Wall Street has seen mixed trading as investors try to gauge the outcome of Europe's epic struggle with its debt crsisis. In Wednesday trading, the Dow rose 46 points, or 0.4 percent, to close at 12,196.
The Nasdaq fell a fraction, while the S&P added nearly 3 points. Futures trading suggests modest losses this morning.
- International stock markets were subdued today in the run-up to a crucial summit of European Union leaders that could determine whether the euro currency survives or not. Ahead of the summit, investors will be focusing on the European Central Bank, which is expected to cut interest rates again and provide cash-strapped banks with more liquidity. Crude oil rose modestly to near $101 a barell.
- The leaders of France and Germany will meet with other European conservatives today in hopes of building support for their plan to save the euro. The main event ahead of a summit on the debt crisis is a European Central Bank meeting. The ECB may cut interest rates. Standard and Poor's warns it may downgrade the European Union's credit rating.
- The Labor Department this morning releases the weekly jobless claims. Also, the Commerce Department has wholesale trade inventories for October.
- Top House Republicans meet privately today in hopes of hammering out an agreement on legislation to renew this year's Social Security payroll tax cut and extending benefits for the long-term unemployed. Top House Republicans hope to vote next week. They would also include language heading off a big cut in Medicare reimbursements to doctors.