By msnbc.com news services
Stocks closed Friday?s seesaw session slightly lower. The major indexes notched up their worst weekly performance since September.
Worries about Europe's debt crisis flared up again Friday after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It's another sign that investors are growing hesitant to lend to European countries.
For the week, the broad Standard & Poor's 500-stock index fell 4.7 percent, giving back almost two-thirds of its gains in October, the market's best month in 20 years. CNBC reports that the U.S. stock market saw its biggest percentage loss for a Thanksgiving week since 1932.
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 236 points Wednesday after investors balked at buying German government debt.
AT&T's stock price fell. 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.
Retailers were mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually 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 on Friday. That would be an increase of 10 percent from last year.
Friday?s trading session ended at 1 p.m. ET. The U.S. markets were closed on Thursday for the Thanksgiving holiday.
The Associated Press and Reuters contributed to this report.
Source: http://bottomline.msnbc.msn.com/_news/2011/11/25/9019743-wall-street-closes-rough-week-lower
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