China'S Rate Hikes Are Rumored To Be Worried About &Nbsp; &Nbsp; Friday'S Index Dropped By 0.80%.

As of 4:00 pm Eastern time,

Under inflation pressure, the Central Bank of China is about to raise interest rates again and the European debt crisis is becoming more and more intense, raising investor concerns. On Friday, the US stock market went down and the Dow finally fell 90.52 points, or 0.80%.

The Dow has fallen 2.2% this week.

On the disk side, public utilities and consumer sectors led the decline, and the financial and pharmaceutical sectors led.

In terms of stocks, CISCO -T fell 1.8%, Boeing fell 3.49%, Alcoa fell 2.32%, Walt Disney rose 5.07%, Intel -T rose 1.51%, Exxon Mobil fell 1.17%, ConocoPhillips fell 0.75%, Chevron fell 0.76%, Halliburton fell 1.35%, Starbucks fell 1.79%, JC Penney dropped to 3.38%, Britain and Weida rose, WAL-MART fell, and YAHOO fell.

China's rate hike is expected to offset European leaders' response to the debt crisis. European stocks have suffered a setback. Pan European Dow Jones index closed at 270.18 points, or 0.45%.

The index fell more than 1.8% in early trading on Friday.

On Friday, rumors of China's interest rate hike led to a drop of $2.93 to $84.88 a barrel, or 3.34%.

The move also triggered pressure on gold futures sell-off. Gold prices fell $37.80 to $1365.50 an ounce on Friday, or 2.7%.

The European Union's five nations promised to temporarily ease the debt crisis in Ireland. As of the end of the foreign exchange market, the US dollar index for tracking six major currencies was reported at 78.11 points, or 0.14%.

The US dollar traded against Japanese yen at 82.43 yen, down 0.15%, and the pound gained 0.15% against the US dollar at 1.6145 US dollars.

Economic data

At 9:55 a.m. Eastern time, data released jointly by Reuters and University of Michigan showed that the US consumer confidence index in November was 69.3 points, higher than the 69 widely expected by economists.

In October, the figure was 67.7 points.

{page_break}

Company news

General Motors is promoting its initial public offering (IPO), which has attracted about $60 billion of common stock subscription orders and oversubscribed by about 6 times.

Strong demand indicates that the initial pricing of GM's current public offering will be above the range of $26 to $29 A share previously announced.

J.C. Penney, the largest chain store in the US, increased its third quarter profit from US $27 million in the same period last year to US $44 million, and sales increased 0.2% to US $4 billion 190 million.

The company expects earnings per share to reach 90 cents to $1 in the fourth quarter.

Newsweek and the new website Daily Beast will form a new joint venture, and the joint venture company will be named Newsweek Daily Beast, which will inject new media vitality into the precarious news magazines, and on the other hand provide the reliability of the old media for the new website.

Daily Beast website has been established for only 2 years, mainly focusing on news and reviews, belonging to IAC group.

Media entertainment giant Walt Disney made a net profit of $835 million in the fourth quarter, down 7% compared with the same period last year's 895 million dollars, and its revenue fell 1% to 9 billion 740 million US dollars, down from analysts' expected $9 billion 950 million.

Disney cable TV and radio network business profits fell 18% to $1 billion 210 million last year, while theme parks and holiday village profits fell 8% to 316 million dollars a year.

Nissan, Japan's third largest auto maker, announced on Thursday that it would recall more than 600 thousand vehicles in North America, South America and Africa because of problems with steering systems or battery cables.

The company said that it had not received any accident reports related to the above problems.

Airbus parent France Europe Aerospace Defense Group achieved profitability in the third quarter, net income increased to 13 million euros, compared with a net loss of 87 million euros last year. As a Boeing competitor, its Airbus was facing A380 engine problems recently, which indicated that the weaker dollar led to a decrease in profits this quarter.

Tesla Motors, CEO, said on Friday that it hopes to further develop Japan into its largest foreign market, so that its product sales will be evenly distributed in the US, Europe and Asia.

At present, TOYOTA and Panasonic are the two major shareholders of the company.