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November 18, 2011 05:55 AM

Friday Morning Business Brief

Stocks got hit with a wave of selling in the latest session, keeping Wall Street on track for a weekly decline. The Dow fell 135 points, or 1.1 percent, to 11,771. The S&P fell 21 points, while the Nasdaq shed 52 points. Futures trading suggests a flat opening this morning.
  • International stock markets slumped today as investors signaled they held little optimism of any breakthrough in Europe's debt crisis and a report showed new house prices in China cooled last month. Crude oil rose above $99 a barrel.
  • While investors' focus remains on Europe's problems, a key data point in the U.S. will be released today. The Conference Board's leading indicators are expected to show a strong gain.
  • The 12-member deficit reduction supercommittee is still limping toward a Thanksgiving deadline with no tangible evidence of a potential breakthrough -- but they have resumed meeting face-to-face. A handful of panel members met yesterday evening in hopes of salvaging the talks as times runs out.
  • Italy's new leader faces the second of two confidence votes today for his new government's efforts to guide the country out of its financial crisis. Greece's new prime minister is chairing a cabinet meeting on an austerity budget for next year. And the German and British leaders are to meet about the larger Eurozone debt crisis.

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