UIS futures higher as fiscal cliff talks open

November 16, 2012 - 9:34 AM
Fiscal Cliff

Members of the group Patriotic Millionaires for Fiscal Strength, including Tal Zlotnitsky of iControl Systems, center, and filmmaker and philanthropist Abigail Disney, the great-niece of Walt Disney, right, speak to the media after meeting with senior officials at the White House, in Washington on Thursday, Nov. 15, 2012. (AP Photo/Jacquelyn Martin)

NEW YORK (AP) — Stock futures are higher as President Obama heads into negotiations over the "fiscal cliff" with congressional leaders.

Dow Jones industrial futures are up 7 points to 12,529. The broader S&P futures have added 3 points to 1,354.30. Nasdaq futures are up 6 points to 2,528.

Attending the meeting with Obama are House Speaker John Boehner, R-Ohio, Minority Leader Nancy Pelosi, D-Calif., Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky.

A combined $600 billion in spending cuts and higher taxes, the so-called fiscal cliff, would take force in January if nothing is done.

On Friday, Hostess, the maker of Twinkies, Ding Dongs and Wonder Bread, said that it is going out of business and every one of its 18,500 workers would eventually lose their jobs.