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Friday, November 26, 2021 6:26 PM

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NEW YORK, Nov. 26 (UPI) -- U.S. stock markets slid on Black Friday, with investors ignoring the retail blitz and concentrating on worries in Europe.

At the close, the Dow Jones industrial average lost 95.28 points or 0.85 percent to 11,092.00. Volume on the New York Stock Exchange was 1.6 billion shares. Declines outnumbered advances 1,966 to 949.

The Standard & Poor's 500 index lost 8.95 or 0.75 percent to 1,189.40. The Nasdaq composite index lost 8.56 or 0.34 percent to 2,534.56.

The 10-year Treasury note rose 12/32 to yield 2.87 percent.

The euro fell to $1.3242 from Wednesday's $1.3355. Against the yen, the dollar was rose to 84.1045 from Wednesday at 83.61 yen.

In Japan, the Nikkei 225 index lost 0.4 percent, 40.20, to 10,039.60.

In Britain, the FTSE 100 index lost 0.53 percent, 30.23, to 5,668.70.

European Commission President Jose Manuel Barroso said it was "absolutely, completely false" that the commission was considering aid for Portugal or that the country had asked for assistance, The Wall Street Journal reported.

In Slovakia, Prime Minister Iveta Radicova called government debt issues in Europe a "house of cards" that threatened to pull down the euro as a shared international currency, the EUobserver said.

Boeing Corp. shares dropped 0.8 percent after the airplane maker said it was changing the electrical system for the Dreamliner 787 airplane, which is already nearly three years behind its original production schedule.

Reports conflict over aid for Portugal

BRUSSELS, Nov. 26 (UPI) -- Financial Times Deutschland said the European Central Bank was pressuring Portugal to reach out for an international bailout.

The newspaper quoted an unnamed source that said a variety of EU nations and the ECB were leaning on Portugal to accept an aid package in order to shore up investor confidence before the domino effect of investors fleeing European government bonds reaches Spain, which has a far larger economy.

Reports are conflicting, as some of the quotes are couched in sensitive diplomatic terms with financial ministers trying to instill confidence in the market while dealing with a crisis.

The Wall Street Journal Friday quoted European Commission President Jose Manuel Barroso adamantly rejecting the suggest that the commission was pressuring Portugal at all.

"It's absolutely, completely false. It (Portugal) has neither been asked for and neither have we suggested it. It is absolutely false," Barroso said at the headquarters of the Organization for Economic Cooperation and Development.

But EUobserver said Friday, referring to a story in Die Welt, that the European Commission was attempting to find support to double the $582 billion fund the European Union had assembled to help member states deal with the debt crisis.

German representative Axel Weber in Paris said rescue funds already assembled -- including $331 billion from the International Monetary Fund and $79 billion in separate EU fund -- were "more than enough to counter attacks on the eurozone."

"If it's not enough, then one will have to increase the commitment," he said.

Slovakia calls bailouts a mistake

BRATISLAVA, Slovakia, Nov. 26 (UPI) -- Slovak Prime Minister Iveta Radicova said the bailout of Irish banks was akin to participating in a "pyramid scheme."

"If we continue this way, we are close to a pyramid scheme," Radicova said after a meeting concerning the European Union's bailout of Ireland, the EUobserver reported Friday.

Radicova compared the union to a "house made of cards," suggesting the common currency could collapse unless banks accepted some of the costs of the massive bailout, which could reach more than $100 billion.

"Once again, taxpayers are expected to pay the bill. Once again, the banks are being rescued," she said.

"I cannot rule out that we will be soon discussing other countries. And I must point out that Portugal and Spain form communicating vessels."

Slovakia has already turned down an invitation to contribute to the bailout of Greece.

On Wednesday, Slovakian Finance Minister Ivan Miklos, in a speech in Prague, said the bailout of Greece was "essentially a mistake."

Governments in Europe were now "hostage" to the financial markets, he said.

KKR plans to buy Del Monte

NEW YORK, Nov. 26 (UPI) -- Del Monte Foods (NYSE:DLM) announced Friday it has agreed to go private, being bought by an investor group for $19 a share and assumption of $1.3 billion in debt.

The group is headed by Kohlberg Kravis Roberts & Co. (NYSE:KKR) and includes Vestar Capital Partners and Centerview Partners, The Wall Street Journal reported.

Del Monte, a manufacturer of pet food and canned fruits and vegetables with headquarters in San Francisco, said it can consider rival offers through Jan. 8. If no other buyers come forward, the $5.3 billion deal is expected to close by the end of March.

Shares in the company rose 4 percent Friday to $18.75, CNN said.

"This transaction will enable our company to continue to successfully grow, building on the foundation our team has put into place," Del Monte Chief Executive Officer Richard Wolford said in a statement.

(Source: UPI )
(Source: Quotemedia)


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