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CNN Live At Daybreak

Stock Futures Show Strong Gains

Aired November 13, 2001 - 06:42   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: We're going to take a look at the business news this morning with David Haffenreffer, once again checking in from New York -- David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Leon. Hi, Kyra.

Well, stock index futures continue to show strong gains for Wall Street at the open of trading today. This, as the stock market recovered most of its sharp sell off yesterday. Investors moving back into stocks on word that yesterday's fatal plane crash was most likely an accident and not an act of terrorism.

The Nasdaq composite swung to a gain of 11 points, closing at its highest level in 10 weeks, but the Dow industrials lost 53 points, but it did manage to erase most of its 200-point drop.

Investors will be keeping an eye on the airline sector once again today. This, as the industry hopes that this latest incident will not hurt their Thanksgiving and Christmas travel season. Since September 11, airlines faced their biggest crisis with massive layoffs, scheduled cut backs and huge financial losses.

We'll also be watching crude oil prices today. Saudi Arabia's oil minister says he hopes OPEC would cut oil production by one-and-a- half million barrels per day, but he also says the oil market needs a bigger cut to stabilize prices. Oil and gasoline prices have tumbled as the slowing economy has reduced demand. OPEC ministers sit down in Vienna tomorrow to talk all about it.

That is a look at the latest business news headlines on this Tuesday morning.

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