US stocks higher as EU talks open

NEW YORK: US stocks opened higher Wednesday as EU leaders met amid hopes they will reach a deal on a comprehensive and convincing resolution to the eurozone debt crisis.

The Dow Jones Industrial Average, after losing 1.74 percent Tuesday, was up 149.70 points (1.28 percent) to 11,856.32 in the first five minutes of trade.

The tech-heavy Nasdaq Composite rose 26.32 (1.00 percent) to 2,664.74, while the broader S&P 500 added 13.86 points (1.13 percent) to 1,242.91.

"Buying interest comes despite a weak finish to the prior session and angst about how members of the European Union will achieve any plans developed today during a summit, which has been arranged to produce a framework for dealing with Europe's debt crisis and precarious financial conditions," said analysts at Briefing.com.

Shares in Amazon dropped 10.3 percent after it reported a 73 percent fall in profits in the third quarter after the market closed Tuesday.

Copyright AFP (Agence France-Presse), 2011