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U.S. stocks edged higher Friday, but major indexes are still poised to end their worst week since September.
Worries about Europe's debt crisis flared up again Friday after Italy was forced to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are growing increasingly hesitant to lend to Europe's third-largest economy.
The Dow remains down 3.7 percent for the week, putting the average on track for its worst week since late September.
The euro slipped to $1.32 and is now down 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 6.
Higher interest rates on government debt backed by Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens fears about a government's ability to manage its debts. Greece, Ireland and Portugal were forced to seek financial lifelines when their interest rates crossed the same mark.
Markets have been battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged another 236 points Wednesday after investors balked at buying German government debt.
In morning trading, AT&T's stock was up half of 1 percent. The company said Thursday that it's budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.
The Friday after Thanksgiving marks the start of the holiday shopping season and is busiest day of the year for retailers. A record number of people are expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.
Trading will end at 1 p.m. ET. U.S. markets were closed on Thursday for the Thanksgiving holiday.
The Associated Press contributed to this report.
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Talk about one hand not knowing what the other hand is doing. And they want investors to research the markets before they invest money!! News down stocks up???
Societe Generale warns it's customers; "prepare for global collapse" and The Economist magazine reads; "Euro collapse is looming". Yet the market is up?
Help me savy investors, what am I missing here?
Wall street pushes higher for big bonuses, they turn my stomach. Pay back the money you dirtbags swindled from the hard working American people before you take your Bonuses.
The markets are more concerned about the massive U.S. deficit of $15 trillion than Italy's $2.6 trillion of debt.
If the markets are so concerned about US deficit, then why are US treasuries at record lows? If the markets are relatively unconcerned about Italy's debt, why are Italian treasuries at record highs?
In short, you are wrong.
Well...Italy is more like California than the USA. California has to borrow money to pay it's bills (or declare bankruptcy)....the US (Ben and the boys) just prints money, as necessary, and we"inflate" our way out of this mess (of course, purchasing power declines at the same time but, hey, we still have our free lunch; or so the huddled masses believe). If you were around in the 1980's you remember 15% home mortgages and 17% CD yields. It was a wonderful time. Price controls, now that really worked. In fact, we're all going to relive it again in a couple of years thanks to that group of cowards and idiots we've elected to Congress. But I digress.....Italy's (Greece, Spain, and Portugal, just to name a few others) problem with the Euro currency set up now is that they have to borrow (from Germany as it turns out)...only Germany isn't very interested in bailing out those yokels...and that, children, is why the Euro may ultimately fail in the weeks ahead. [Actually, this is a lot of fun...like watching a car crash in ultra slow motion....we're doing the same thing here - - Super Committee? what a joke....now we get to spend the next year watching the demise of Europe...and maybe our own.]
To no one's surprise, stock markets continue to rise,
regardless of the worsening of the economic conditions that continue to
deteriorate here at home and abroad in Europe & other countries ...... the
stock market has always been driven by " house of cards " and " smoke &
mirrors " deception-driven edicts, specifically designed to snag every last
dollar out of unsuspecting, naive stock investing sucker's wallets and savings
... and so it goes ....
Well, Jack...stock markets are not exactly rising....all the major indexes are down for the year...where have you been?
It only proves that Italians are as stupid as Americans on deficits. They give drivers of Maseratis and Ferraris tax cuts and still provide relatively generous social benefits, and watch with surprise as the deficit increases and gov't borrowing sucks the air out of the economy. Duh.
Its not about investing money for the long haul. Its a casino for the global elitists.
God, save us from this idiotic and dangerous government.
The non-stop B.S. and full throttle printing of money is going to make Italy's 7.8% look like a dream.
Get used to saving up to buy a 10.00 loaf of bread - inflation - shes a comin......
15 trillion in debt, no leadership, and the people in power spending like a sailor in a whore house.
BIG Government = BIG Problems
They tried to sucker some people into the markets again. I think those days are over. People finally learned there lesson on investing in Wall Street con game!!!
The wall street boys are all about their bonuses for Bentleys for the weekends in the Hampton's !!!!! All fun and games. !!!!!!!!!!! With your "Money" !!!!!!!!!!! Put your S.S. into a 401k now, like "W" said. ????
On the day after Thanksgiving, all we see in your comments is gloom, doom, and ... To all of the comment, my answer is : get a life. I enjoyed watching the Baltimore Ravens beat the odds last night. If you don't know I am talking about, then get a life. For more than ten years now, the Chicago and New York Stock Exchanges have put hundreds of stock brokers out of business, broke and looking for work. Stocks have never offered security, yet Americans have doted on the stock market ever since WWII. So let it die. Invest in local land developments. Or just save your money. Don't expect windfalls, and don't expect big winnings. You have a better chance for big winnings at the race track, or in Vegas, or even at the local Indians casinos. Did you know that gambling is the biggest industry in the United States. Welll, chekc that out. It's true. And the Wall Street dream world has seen more losses, and less big winnings, than at the local Indian tribe's casino. Go ahead, throw it on the tables, gamble yur hearts out, and then forget it.
Be thankful. Thanksgiving has a message: it's your money...do whatever you want with it and be grateful. Billions will be lost at race tracks, casinos, Las Vegas, Reno, and on cruise ships. So what! We are having fun. And the Occupiers of Wall Street won't ever have a dime to bet anywhere. So what! Just get a life. A good horse race is good for the soul. The Kentucky Derby beats Wall Street any time. Money is for paying bills, creating savings accounts in banks and credit unions.... and betting. Did you know that 5 billion dollars is bet on the Super Bowl each January. (It's probably more now). Forget about stocks, and bonds, and the Chicago Board of Trade. Oh, and don't forget to tithe to your church, synagogue, and temple. 10%.
crap friday football and consumerisim,all have one thing in common
STUPID FAAWKING PEOPLE