Black Friday does everything asked of it -- and more pessimists had expected of it -- it fails to wrest Wall Street’s post-holiday spotlight from a corporate debt crisis on the far side of the globe.
Canadian stocks rise, led by financial firms, with investors buying stocks beaten down in the prior session as worries about a debt default in Dubai triggered a global sell-off.
Investors’ confidence is shaken by worries about Dubai’s debt woes, precipitating a sell-off in commodities and equities, while the dollar, the Japanese yen and U.S. debt find safe-haven buyers.
U.S. banks are probably less exposed than European rivals to a potential debt default by Dubai World, but it's still difficult to know which institutions are ultimately exposed, analysts say.
