Nov. 2, 2011 at 7:54 AM ET
By msnbc.com news services
U.S. stocks are set to move higher at Wednesday’s opening bell, following two days of sharp market losses, with developments in Greece and a U.S. monetary policy meeting in focus.
French and German leaders will aim to push for quick implementation of Athens' bailout deal after the Greek government unsettled global financial markets by calling for a referendum on a new rescue plan. The Greek Prime Minister George Papandreou won the backing of his cabinet to hold the referendum.
Papandreou's move triggered a slide in global stocks Tuesday. The Dow Jones industrial average closed the day down 297 points having seen a 321-point deficit at the session’s low.
Papandreou's unexpected call for a public vote on the rescue plan for Greece came just days before the leaders of the world's largest industrial and developing nations gather for the G20 economic summit in Cannes, France on Thursday and Friday. The troubled eurozone will be the summit's emergency topic.
A top European official warned that Athens could be left to go bankrupt if it went through with the vote and experts said the broader deal — which hopes to protect larger countries such as Italy from markets panic — could collapse.
Here's more on the crisis in Greece from CNBC:
The U.S. Federal Reserve looks set to take a breather from monetary stimulus measures on Wednesday, even if financial market turbulence heightens the chances of action later.
At 2:15 p.m. ET, Fed Chairman Ben Bernanke will hold a media briefing following a two-day meeting of the Federal Open Market Committee on interest rate policy.
In economic news Wednesday, a report said U.S. private-sector employers added 110,000 jobs in October, beating economists' expectations, while another report showed the number of planned layoffs at U.S. firms dropped in October after hitting a more than 2-year high the month before.
The Associated Press and Reuters contributed to this report.