NEW YORK (AP) – Stocks edged most lower in a shortened trading session Friday as the major indexes ended their worst week since September.
Worries about Europe's debt crisis flared up again Friday after Standard & Poor's rating agency downgraded Belgium credit and Italy was forced to pay 7.8% to borrow for two years at a debt auction.
A Greek official also said the new government may need to postpone elections set for Feb. They were all signs that investors are growing increasingly hesitant to lend to Europe's third-largest economy.
The Dow Jones industrial average declined 26 points to close at 11,232 even though Bank of America (BAC) and JPMorgan Chase (JPM) had been big gainers in the index early in the trading day..
The Dow remains down for the week, putting the average on track for its worst week since late September.
The S&P 500 index ended down 3 points, at 1,159. The Nasdaq composite index closed down 19 points, or 0.8%, to 2,442. The euro slipped to $1.32 and is now down 2% 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% 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 (T) was down 14 cents to $27.41. 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 the 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 Friday. That would be an increase of 10% from last year.
Trading ended at 1 p.m. ET. U.S. markets were closed on Thursday for the Thanksgiving holiday.
usatoday.com
Worries about Europe's debt crisis flared up again Friday after Standard & Poor's rating agency downgraded Belgium credit and Italy was forced to pay 7.8% to borrow for two years at a debt auction.
A Greek official also said the new government may need to postpone elections set for Feb. They were all signs that investors are growing increasingly hesitant to lend to Europe's third-largest economy.
The Dow Jones industrial average declined 26 points to close at 11,232 even though Bank of America (BAC) and JPMorgan Chase (JPM) had been big gainers in the index early in the trading day..
The Dow remains down for the week, putting the average on track for its worst week since late September.
The S&P 500 index ended down 3 points, at 1,159. The Nasdaq composite index closed down 19 points, or 0.8%, to 2,442. The euro slipped to $1.32 and is now down 2% 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% 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 (T) was down 14 cents to $27.41. 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 the 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 Friday. That would be an increase of 10% from last year.
Trading ended at 1 p.m. ET. U.S. markets were closed on Thursday for the Thanksgiving holiday.
usatoday.com
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