Stocks rise ahead of Europe rescue talks

By Patrick Rizzo

Stocks opened higher on Wall Street Wednesday, aiming for their sixth day of gains out of seven, as investors closely watched political gyrations in Slovakia that could lead to a deal to expand the euro zone?financial rescue fund.

The Dow Jones industrial average was up 46 points in early trading.

Slovakia is the last of the zone's 17 members to vote on the fund that would be a step toward resolving Europe's growing debt crisis. On Tuesday, the country's parliament rejected the measure,?sparking a collapse of the government.?

Reuters reported that parties in Slovakia's outgoing government began talks with opposition leaders to reach a deal on ratifying the fund.

German Chancellor Angela Merkel said she was confident that the measure would be approved. "I am very certain that by Oct. 23 we will have all the signatures of all the member states," The Associated Press reported Merkel as saying.

Investors have been?focused almost exclusively on the European debt crisis for weeks?amid concerns that if Europe does not resolve it quickly, it could?spark another recession.

Aside from Europe, investors will be looking at quarterly corporate earnings. Companies began reporting their results?Tuesday. They are widely expected to report higher profits, although the banking sector may show it is beginning to struggle.

Click on the video below for an update from Washington, D.C., on the fate of President Barack Obama's jobs plan.

Weighing in on the President's jobs bill failing a key test vote in the Senate, with Rep. Paul Ryan (R-WI), who says the President knew that the bill would not pass and a focus on tax reform will aid in economic growth.

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Source: http://bottomline.msnbc.msn.com/_news/2011/10/12/8285637-wall-street-stocks-open-higher

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