US stocks up on summit bets, Europe drops
US stocks edged up on Wednesday and the euro held steady against the dollar on lingering hopes an EU summit can ease Europe's debt crisis.
The Dow Jones industrial average closed up 46.24 points, or 0.38 percent, at 12,196.37. The Standard & Poor's 500 Index was up 2.54 points, or 0.20 percent, at 1,261.01. The Nasdaq Composite Index was down 0.35 points, or 0.01 percent, at 2,649.21.
European shares fell slightly, as doubts emerged about whether an EU summit this week would result in a comprehensive deal to help resolve the region's debt crisis.
The FTSEurofirst 300 index of top European shares fell 0.1 percent to close at 988.59 points, after earlier hitting 1,002.20, its highest level since late October. This followed a surge of 8.5 percent last week, but the index is down 11.9 percent in 2011.
The Nikkei average, on the other hand, hit a four-week high as investors warmed to the view that European policy-makers will come up with convincing steps this week to help resolve the region's debt crisis.The benchmark Nikkei added 1.7% to 8,722.17, its highest close in four weeks and ending above its 75-day moving average for the first time since late October. Last time
it topped the average it managed to maintain that position for less than two days.
The broader Topix index gained 1.6% to 749.63.
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