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While the day after Thanksgiving in the US is usually a light trading day, thanks to people being on vacation, traveling, Black Friday shopping, and their being more concerned about being with family, today's market has been active with people reacting to recent troubling news coming out of Dubai. Dubai, Wednesday, announced that it was asking to delay payment on billions of dollars of debt owed to Dubai World and Nakheel, a major developer in Dubai (you may remember those large palm shaped islands off Dubai for celebrities and the ultra-rich). Fear about Dubai writedowns has affected the price of oil, despite large supplies. Investors are worrying that the ripple effect of Dubai's debt problems will spread to other banks, creating another crisis.
Here were today's unofficial closing bell levels:
Dow 10,309.77 -154.63 (-1.48%)
S&P 500 1,091.47 -19.16 (-1.73%)
Nasdaq 2,138.44 -37.61 (-1.73%)
Black Friday is looking to be good for Best Buy Co., Inc (BBY), Chief Executive Brian Dunn reported that crowds were 'materially larger' than last year and 'in a buying mood.' Retailers are no doubt hoping this is their experience as well. The news didn't effect Best Buy's stock today, which was down slightly under 1% right before the close.
Does Saab still have a future? A Swedish government group will be traveling to Detroit to talk to GM about it, and whether European Investment Bank loans will be backed by the Swedish government.
Sprint Nextel Corp. (S) is moving closer in its attempted acquisition of iPCS, a cell carrier in the midwest. Shareholders are being offered $24 a share in a $426 million deal. Sprint was down 2.08% just before the close of the bell.
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