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Thursday
Nov032011

Wall Street Poised for Gains as G-20 Summit Kicks Off

Hemera/Thinkstock(NEW YORK) -- Wall Street appears poised for another good start Thursday as investors keep a close eye on the situation in Greece and developments that may come from the G-20 summit in France.

U.S. stock futures are up slightly ahead of the opening bell following a day of strong gains.  The Dow Jones Industrial Average jumped 178 points on Wednesday, while the Nasdaq added 33 and the S&P 500 climbed 20.

On Thursday, leaders from the world's 20 major economies kick off their summit in Cannes, where they are expected to focus primarily on the European debt crisis that was aggravated this week when Greek Prime Minister George Papandreou called for a referendum on the hard won rescue package for his country.  European leaders are making it clear Greece will get no more bailout money unless it decides to stay in the euro zone and accept last week's agreement.

Ahead of the summit, European stocks are also trading higher on Thursday.  Meanwhile, Asian stocks didn't fare as well, closing the day mixed.

Hong Kong's Hang Seng plunged 2.49 percent, South Korea's Kospi dropped 1.48 percent and Australia’s S&P/ASX 200 lost 0.31 percent.  China's Shanghai Composite, however, managed to buck the trend, adding 0.16 percent.

Copyright 2011 ABC News Radio







ABC News Radio