Stocks pared their losses Friday, after a sharp drop at the open amid worries about Dubai defaulting on its debt.

U.S. stock index futures pointed to a sharply lower open for a holiday-shortened session Friday, mirroring losses in European and Asian markets after Dubai announced the first step of restructuring some of its debt.

The dollar rebounded from a 14-year low against the yen on Friday, as fears of a possible Dubai debt default boosted safe-haven demand for the U.S. and Japanese currencies.

The dollar fell to its lowest level in 14 years against the yen on Friday and the yen crosses also fell, with one trader saying investors were shunning risk trades on concern about debt problems in Dubai.The dollar fell as far as 85.84 yen on trading platform EBS, its lowest since 1995.

The U.S. central bank is going to the Big Screen to counsel consumers about how to use their credit cards wisely during the holiday shopping season.

The dollar gained sharply in holiday-thinned trade on Thursday as renewed risk aversion prompted investors to shed riskier assets.

Stocks posted modest gains Wednesday, but it was enough to propel the Dow and S&P to new 13-month closing highs, as economic data buoyed recovery hopes.

Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

US stock index futures climbed further Wednesday after a batch of data signaling that the US economy was building on strength but also that the recovery would be gradual.

The dollar slid to a fresh 15-month low against a basket of currencies Wednesday as upbeat data on weekly jobless claims, personal consumption, and new home sales bolstered the outlook for the U.S. economy.

Stocks declined Tuesday but ended off their lows for the day after the Fed raised its forecast for 2010.

Federal Reserve officials are increasingly confident in a durable recovery for the U.S. economy, even though they do not see employment picking up soon, according to minutes from their November meeting released Tuesday.

Stocks declined Tuesday, after soaring to new 2009 highs on Monday, as a report showed the economy grew less than expected in the third quarter and HP issued a cautious outlook.

David Rosenberg became the latest well-known economist to predict doom, telling CNBC the US economy is mired "in a form of Depression."