Stocks Find Positive Footing

Separately, Bank of America (BAC Quote) may reduce its headcount by 30,000 as it merges with Merrill Lynch (MER Quote), according to a report by CNBC.

Another report, this time from Bloomberg, indicated that Merrill would cut its year-end bonuses in half.

Elsewhere, mining company Freeport-McMoRan (FCX Quote) said it was suspending its dividend on declines in copper and molybdenum prices.

BlackBerry maker Research In Motion (RIMM Quote) cut its third-quarter revenue and earnings-per-share forecasts, saying a stronger dollar and weaker U.S. economy would hurt its results.

On the merger front, Electricite de France said it was planning to issue a bid of $4.5 billion for U.S. power company Constellation Energy (CEG Quote).

Shifting to commodities, crude oil was gaining 2 cents to $46.98 a barrel. Gold was losing $5.40 to $777.90 an ounce.

Longer-dated U.S. Treasury securities were falling in price. The 10-year note was down 24/32 to yield 2.76%, and the 30-year was losing 1-28/32 to yield 3.26%. The dollar was rising vs. the euro and pound but falling against the yen.

European exchanges, such as the FTSE in London and the DAX in Frankfurt, were gaining ground. Asian markets, including Japan's Nikkei and Hong Kong's Hang Seng, finished on the upside.