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NEW YORK – Stocks are wavering in a tight range ahead of an upcoming meeting of world leaders and as Europe continues to grapple with government debt problems.

A bigger-than-expected drop in unemployment claims is providing some support for the market Wednesday. The weekly report comes after the government last week said that hiring by private employers rose at its fastest pace in six months.

But enthusiasm over the jobs report is being tempered ahead of a meeting of world leaders. The Group of 20 meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth.

The Dow Jones industrial average is up 7 at 11,353. The S&P 500 is up 1 at 1,214, while the Nasdaq composite is up 3 at 2,566.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) — Stock futures wavered Wednesday ahead of an upcoming meeting of world leaders and as Europe continues to grapple with government debt problems.

Futures showed modest signs of improvement after the Labor Department said first-time claims for unemployment benefits fell sharply last week. The drop was bigger than economists' had forecast and reversed a rise reported a week earlier.

The weekly report came after the government said last week that hiring by private employers rose at its fastest pace in six months.

Normally an upbeat jobs report would be enough to send stock futures sharply higher, but optimism has been kept in check ahead of a key meeting by world leaders. Members of the Group of 20 will be meeting Thursday and Friday in South Korea.

The meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth. A global economic recovery has been slow and many developed countries like the U.S. have struggled to expand at a pace that will cut high unemployment.

Major European indexes all slid as worries grow about debt problems in Ireland. The euro slipped below $1.38 and the dollar rose against other major currencies. Concerns about mounting government debt in many European countries have occasionally dragged down stocks around the world throughout the year. Countries like Ireland and Greece are facing rising debt with little signs of growth.

Gold prices dropped below $1,400 an ounce as the dollar strengthened.

The dollar had been weakening against other currencies in recent weeks because of a recently announced program by the Federal Reserve to buy Treasury bonds in an effort to drive interest rates lower and spark spending and lending.

A weaker currency makes a country's exports cheaper and more attractive overseas. Japan has been especially active in trying to weaken its currency because its economy is so reliant on companies like Sony Corp. and Toyota Motor Corp. that rely on exports.

Ahead of the opening bell, Dow Jones industrial average futures rose 4, or less than 0.1 percent, to 11,317. Standard & Poor's 500 index futures rose 1.70, or 0.1 percent, to 1,212.60, while Nasdaq 100 index futures fell 2.75, or 0.1 percent, to 2,173.50.

Bond yields rose, pushing interest rates higher. The yield on the benchmark 10-year Treasury note rose to 2.72 percent from 2.66 percent late Tuesday.

Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.3 percent, and France's CAC-40 fell 0.6 percent.

In corporate news, General Motors said it earned $2 billion in the third quarter. The big profit came at the right time for the automaker. It is set for an initial public offering next week after struggling through bankruptcy and a government bailout. New car and crossover models and strong sales overseas helped GM.

The unemployment report came out a day earlier than usual because government offices are closed Thursday for Veterans' Day. The stock market will remain open on the holiday.

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