Stocks up Friday, focus still on Europe
November 29th, 2011
NYC, NY, United States (AHN) – U.S. stocks rose Friday morning following two days of steep losses.
Just after 9:30 a.m., the Dow Jones Industrial Average was up 30 points, the Standard & Poor’s 500 Index rose 2 points and the NASDAQ was flat.
Giving stocks a slight boost Friday were comments from European Central Bank Chief Mario Daghi who criticized leaders for failing to follow through with comprehensive plans to resolve the sovereign debt crisis. Germany and France disagree on the role that the central bank should play. German Chancellor Angela Merkel has maintained that the ECB cannot act as a lender of last resort.
European stocks stabilized Friday after borrowing costs in Italy and Spain eased after record high levels in recent days had put extreme downward pressure on global markets.
There is little news on the economic calendar in the U.S. Friday to sway markets, so once again the focus remains on Europe.
After topping $100 a barrel earlier in the week for the first time since June, the December crude oil contract gained 72 cent to trade at $99.47 a barrel. Gold for December delivery was better by $2 at $1,722 a troy ounce.
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Categories: Financial Stocks
