European stocks and U.S. stock futures briefly nosed into positive territory overnight as members of the G20 nations announced that they would coordinate a response to Europe’s sovereign debt problems. The group of 20 countries said they were working to �maintain financial stability, restore confidence and support growth�, and noted that European governments are putting together a bailout fund for banks. But optimism about the ability of governments to come to the rescue began to wane as U.S. markets got closer to the open, and stock futures once again pointed down.
Dow futures fell 100 points to 10,550; S&P 500 futures fell 11.4 points to 1,112.1.
McDonald’s (MCD) raised its dividend to 70 cents per share from 61 cents, and shares fell 0.2%. Raytheon (RTN) said it will buy back $2 billion in shares, but shares were flat in pre-market trading. Nike (NKE) rose 5% after posting strong earnings late on Thursday.
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