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U.S. stocks tumbled in the worst Thanksgiving week loss for the Standard & Poor’s 500 Index since 1932 as concern grew that Europe’s debt crisis will spread and as American policymakers failed to reach agreement on reducing the federal budget.

Shares of Bank of America Corp., Hewlett-Packard Co. and Caterpillar Inc. dropped at least 7.6 percent to lead declines in the Dow Jones Industrial Average.

Energy stocks fell the most in the S&P 500 as oil declined for a second week and as Chevron Corp. lost 5.7 percent after it was blocked from drilling in Brazil while the government investigates a recent spill. Netflix Inc. slid 18 percent after raising $400 million to bolster cash.

The S&P 500 slid 4.7 percent to 1,158, closing at the lowest level since Oct. 7. The Dow fell 564 points, or 4.8 percent, to 11,231 this week.

“We’ve resumed focus on the European debt issues,” Terry Morris, senior equity manager at National Penn Investors Trust Co., based in Wyomissing, Pa., said in a telephone interview. His firm manages about $2.2 billion.

The situation in Europe doesn’t seem to be improving, which makes the market defensive, he said. Spending cuts taking hold in the U.S. will be a negative, too, because they will be a drag on economic growth.

The S&P 500 has fallen for seven days, the longest streak in four months, and has tumbled 7.6 percent so far this month. U.S. equities erased an early advance in the final session of the week as S&P lowered Belgium’s credit rating and Reuters reported that Greece was demanding that private investors accept larger losses on their debt.

Debt Concerns

The cost of insuring European sovereign bonds against default rose to a record this week as Germany failed to find buyers for 35 percent of the bonds offered at an auction.

German Finance Minister Wolfgang Schaeuble said market turbulence sparked by the euro region’s sovereign-debt crisis would last for a few months.

Congress’ special debt reduction committee failed to reach an agreement this week, setting the stage for $1.2 trillion in automatic spending cuts and fueling concern that economic stimulus measures that are set to expire will not be renewed.

Still, S&P reaffirmed it would keep the United States’ credit rating at AA+ after stripping the government of its top AAA grade on Aug. 5.

Stocks fell Tuesday as revised Commerce Department figures showed that gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate. U.S. stock exchanges were shut Thursday for Thanksgiving and closed three hours early on Friday payday loan online.

Macro Factors

“The market’s not trying to distinguish between stocks right now; it’s focused almost exclusively on macro factors,” John Linehan, director of U.S. equities and a portfolio manager at T. Rowe Price Associates Inc., said at a press briefing Tuesday in New York. “There’s a tremendous amount of volatility in the marketplace. The market’s on the gas pedal and the tires are spinning, but we’re really actually not going anywhere.”

Companies most closely tied to the economy fell, sending the Morgan Stanley Cyclical Index down 6.2 percent, the most since the week ending Sept. 23. Caterpillar, the world’s largest construction and mining equipment maker, dropped 7.7 percent to $86.72.

All 10 groups in the S&P 500 fell this week, led by a 6.2 percent slump in energy producers and a 5.8 percent drop in financial shares.

Bank of America declined 11 percent, the most in the Dow, to $5.17, while Citigroup Inc. decreased 10 percent to $23.63. Both are among lenders that may have to temper plans to raise dividends and buy back stock next year as the Federal Reserve toughens capital tests for the biggest U.S. banks.

Netflix sank 18 percent, the most in the S&P 500, to $63.86. Technology Crossover Ventures will buy $200 million in zero-coupon senior convertible notes due in 2018 in the video-streaming and DVD subscription service, and T. Rowe Price Associates Inc. funds will buy $200 million in stock. The transactions suggest Netflix’s cash squeeze may last longer than it had anticipated, said Michael Pachter, an analyst with Wedbush Securities. The company needs to spend more to make its streaming content stand out against a growing list of competitors, he said.

Commodity producers declined as reports showed that manufacturing contracted in Europe and may shrink by the most in more than two years in China. AK Steel Holding Corp., the third-largest U.S. steelmaker by volume, plunged 16 percent to $7.04. Alpha Natural Resources Inc., the coal producer that bought Massey Energy Co. for $7.1 billion in June, lost 15 percent to $18.81.

Chevron in Brazil

Chevron lost 5.7 percent to $92.29. The U.S. oil producer operating the $3.6 billion Frade oilfield off Brazil was blocked from drilling in the South American country while the government investigates a recent spill.

Hewlett-Packard slipped 9.3 percent to $25.39 after profit forecasts that missed analysts’ estimates. Meg Whitman, who took over as chief executive officer two months ago, used her first earnings conference call to tell investors they needed to lower expectations. The first-quarter profit forecast and full-year earnings outlook missed estimates

The double-double is pulling out of Afghanistan.

Tim Hortons announced today that along with the bulk of Canadian troops, it will be withdrawing from the international military base in Kandahar, Afghanistan next week.

“It’s been an amazing five years,” said Doug Anthony, vice president of new business development at Tim Hortons.

The Tim Hortons outlet in Kandahar, which opened on Canada Day in 2006, served 4 million cups of coffee, three million donuts and half a million iced cappuccinos. For many Canadian troops, it was a welcome taste of home.

“People would come in smiling and say ‘This takes us away from the stress of what we see every day,’’ said Anthony, who twice visited the base in Kandahar.

For some on Twitter, news that the Canadian cultural icon Tim Hortons was leaving was the most credible evidence yet that our troops are actually coming home.

“In case you doubted that Canada would actually leave Afghanistan, we’re definitely finished, Horton’s is pulling out,” tweeted Big Kris, a DJ at Y108 in Hamilton.

“Oh, Canada’s pretty much officially out now,” tweeted Maxim Morin pay day loans.

The Tim Hortons was popular among troops from other countries, including the U.S., the U.K. and Australia. Non-Canadians made up 60 per cent of the location’s business, Anthony said.

While the company had “detailed discussions” with two other unnamed parties about keeping the outlet going after the Canadian troops left, it didn’t end up being feasible.

The location had been staffed by the Canadian Forces Personnel and Family Support Services (CFPFSS). Without the CFPFSS around, it would have been hard for anyone else to staff the outlet, Anthony explained.

“The sheer volume that we were doing made it difficult for them to find staff,” said Anthony.

Despite the bustling business done at the Kandahar location, it wasn’t a profit centre for Tim Horton’s, Anthony insisted.

“We didn’t make a dime from this. All the proceeds went to support our troops and their families, and any of the supplies, we sold them at cost,” said Anthony.

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A top U.S. tech analyst is predicting Amazon is likely to launch its own under-$200 smartphone by next year.

And Amazon could sell the device for $170 U.S. or less, said Citigroup analyst Mark Mahaney.

It would be the second head-on Amazon assault on Apple, right after the launch of the iPad tablet competitor Kindle Fire in the United States.

Mahaney based his prediction

Chrysler is counting on a new Jeep sport utility vehicle and its strong brand name to help withstand uncertainty in the European auto market and expand into new markets in China and Russia, the automaker’s chief executive said Wednesday.

The company announced plans to spend $500 million at its Ohio assembly complex that will make the new model and add 1,100 jobs by late 2013. The expansion is part of a $1.7 billion investment to build the new Jeep.

Chrysler CEO Sergio Marchionne said Jeep is becoming the star of its European market and that sales have been doubling.

“It’s the best brand Chrysler owns by a long margin,” he said. “It’s got a glorious history.”

Italian automaker Fiat SpA, which now controls Chrysler, has been hit hard this year by slumping overall sales in Europe. It has been turning more toward business in the United States and Brazil, said Marchionne, who is CEO of both companies.

He said next year will be even worse in Europe. “The majority of the growth and expectations around Fiat are unfortunately outside the European context,” he said

Marchionne said that he’s confident the leaders forming the Italy’s new government can help it avoid financial disaster, but he added that instability there could influence where it locates its new headquarters when Fiat combines with Chrysler.

He is working toward bringing the two automakers together and faces the thorny political issue of where to base the company. The instability in Italy can’t be overlooked, he said Wednesday.

“I would be lying to you if I told you it didn’t,” he said. “It’s one of the things we’ll look at. That’s not to say the current situation would force us to move away from Italy. We’re committed to the industrial back bone of the country.”

Premier Mario Monti formed a new Italian government on Wednesday puts bankers, diplomats and business executives in charge instead of politicians. The former European Union competition commissioner said economic growth is a top priority and will put out an emergency plan Thursday

“Monti has all of the qualities to get this done,” Marchionne said. “It’s in the interest of every Italian to get behind him.”

Whether the country can recover soon depends on its political forces, he said. “If they do, it can be done relatively quickly,” he said. “The execution may take longer, but the plan can be put in place.” `

Sales of the stylish Fiat 500 mini car have been far below expectations in the United States since its debut in March, Marchionne said. It’s Fiat’s first vehicle in the U.S. since it pulled out of the market in 1983.

He blamed the low sales on a lack of dealerships selling the Fiat and said more are coming on line.

While Fiat is struggling, Chrysler is moving toward its first annual profit since 2005 behind strong third quarter sales of its new or revamped Chrysler, Dodge, Jeep and Ram cars and trucks.

Marchionne thinks the Jeep brand can continue to grow worldwide behind its unique history. Originally made for the military, workers in Toledo have been producing Jeeps since 1941.

“The horrible thing about Jeep is it hasn’t been exploited internationally,” he said. “It’s off-road capabilities are unique in the marketplace and we need to preserve that going forward.”

No decision has been made on what the new model will be called. Marchionne said it will be more technologically advanced than the Jeep Grand Cherokee.

The assembly plant in Ohio that now has 1,800 workers makes the Jeep Wrangler and Liberty along with the Dodge Nitro and will be central to the company’s future and its SUV exports, Marchionne said.

It’s likely the plant will build more vehicles in the coming years, he said. He also didn’t rule out expanding Wrangler production at the plant if sales take off outside the U.S.

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Greece’s tortuous power-sharing talks entered a fourth day Thursday, with the country’s president hosting a meeting of party heads a day after negotiations descended into chaos and political leaders failed to name a new interim premier.

Outgoing Prime Minister George Papandreou, the head of the opposition conservatives, Antonis Samaras, and the leader of a small right-wing party were meeting with the president Thursday morning to settle on a new prime minister and cabinet.

The new temporary government’s aim will be to secure a new European debt deal and ensure Greece receives the vital next euro8 billion ($10.9 billion) installment of its existing euro110 billion facility, without which the country faces a catastrophic default within weeks. Elections are then expected to be held in February.

Thursday’s talks come after a similar meeting Monday night collapsed, with Giorgos Karatzaferis, the head of the right-wing LAOS party, storming out in a rage only minutes after entering the presidential mansion. The precise reason for his anger was unclear.

The hope is that the fourth day of talks will finally yield a new prime minister to head an interim government that will secure the country’s continued bailout funding payday loans. European leaders have been pressing for an end to the political turmoil in Athens that has endangered the country’s bailout funding and even its continued presence in the eurozone.

“This is the third time I’m coming here for (this) issue, and I hope it’s the last,” Samaras said as he arrived for the meeting.

Despite three days of wrangling and intense European pressure, Greece’s main parties have been unable to agree on who will lead the new government, which is expected to only be in power for a few months before leading the country to early elections in February.

Greece’s deliberations over the past few days have taken a backseat to developments in Italy where Premier Silvio Berlusconi has announced his intention to resign soon after a new package of economic reforms are passed. But his announcement has done to little to assuage market concerns that Italy is facing a Greek-style economic crisis and the country’s borrowing costs have shot through the roof.

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Banks are dragging the stock market lower as worries resurface about the European debt crisis and the broker MF Global.

The Dow Jones industrial average is down 125 points, or 1.1 percent, at 12,101 shortly after the opening bell Monday.

The S&P 500 is down 17, or 1.2 percent, at 1,268. The Nasdaq is down 38, or 1.4 percent, at 2,700.

The decline comes after the Dow closed out its fifth straight week of gains, its best winning streak since January.

Bank stocks dropped sharply in early trading after the New York Federal Reserve suspended MF Global Holdings from conducting new business as a Treasury bond dealer.

Trading in MF Global stock was halted. Bank of America Corp. and Citigroup Inc. were down more than 3 percent.

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U.S. stock futures rose Monday after Caterpillar raised its profit forecast on expectations that the economic recovery will continue and companies announced a flurry of takeovers.

Investors are still worried about Europe’s debt problems, which have helped drag global stocks up and down the last two years. European leaders said they made progress at a weekend summit, but they likely won’t unveil concrete plans to help resolve the crisis until Wednesday.

But even with the global economic worries, Caterpillar and other U.S. companies are still reporting bigger profits. “Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point,” Caterpillar Chief Executive Doug Oberhelman said.

The maker of construction equipment said its profit rose 44 percent in the latest quarter from a year earlier. It shares rose 5 percent in premarket trading.

Caterpillar joins McDonald’s Corp. and other U.S. companies that have reported stronger third-quarter earnings. Those reports helped the Dow Jones industrial average last week to rise for the third straight week. The Standard & Poor’s 500 index finished the week at its highest level since Aug. 3, before Standard & Poor’s downgraded the U.S. credit rating on Aug. 5 and helped trigger big swings in global markets.

Analysts expect companies in the S&P 500 to report total earnings growth of 14 percent for the third quarter, according to FactSet.

Other big companies expected to report earnings results this week include UPS Inc instant credit reports., Ford Motor Co. and Procter & Gamble.

Analysts expect S&P 500 companies to say their revenue rose 10 percent last quarter. But their expenses likely climbed too. Higher costs for raw materials helped drag down profit for Kimberly-Clark Corp. by 8 percent. The maker of Huggies and Kleenex fell 1 percent in premarket trading.

A flurry of corporate deals helped lift stock futures.

RightNow Technologies Inc. rose 19 percent ahead of the bell after Oracle said it will buy the tech service company for about $1.5 billion.

HealthSpring rose 33 percent after Cigna said it will buy the health insurer for about $3.8 billion in cash.

Mattel rose 1.6 percent after it agreed to buy Hit Entertainment, the owner of the Thomas & Friends and Barney brands, for $680 million in cash.

Asian and European markets rose earlier Monday after Japan said its exports grew for a second straight month in September and a report showed China’s industrial production returned to growth in October. Japan’s Nikkei 225 index rose 1.9 percent.

Thirty minutes ahead of the opening, Dow Jones industrial average futures rose 43 points, or 0.4 percent, to 11,800. S&P 500 index futures rose 2.90, or 0.2 percent, to 1,238.10. Nasdaq 100 futures rose 8, or 0.3 percent, to 2,342.25.

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Stocks wavered Tuesday as investors worried that Slovakia might block an expansion of Europe’s financial rescue program.

Sixteen countries that use the euro have approved a measure to strengthen a European rescue fund, but Slovakia hasn’t signed off on the plan yet. The measure would increase the size and powers of Europe’s financial rescue fund, allowing large amounts of money to be released quickly to banks and struggling governments before a full-blown crisis sets in. A vote is expected later in the day. If Slovakia blocks the measure, it could complicate efforts to address Europe’s debt jam.

The Dow Jones industrial average bounced between small gains and losses while other major indexes edged up.

The Dow fell 4 points, to 11,428, shortly before noon. The Standard & Poor’s 500 index rose 1, or 0.1 percent, at 1,196. The Nasdaq rose 13, or 0.5 percent, to 2,579.

The weak trading comes a day after the Dow jumped 330 points, its largest increase since Aug. 11.

Investors worry that if Greece defaults on its debts, it would hurt banks in Europe and in the U.S. by causing the value of Greek government bonds they hold to plunge. With weaker balance sheets, those banks could become even more reluctant to lend to each other and to businesses and consumers. That could slow down an already weak global economy.

Dollar Thrifty Automotive Group Inc. fell 1.9 percent after the car-rental company said it was taking itself off the market after failing to get acceptable takeover proposals from Hertz or other companies.

Discount retailer 99 Cents Only Stores Inc. rose 4.4 percent. Ares Management LLC and the Canada Pension Plan Investment Board have offered to buy the company for $22 per share in cash, a 7 percent premium from Monday’s closing price.

Sprint Nextel Corp. fell 2.9 percent. The stock has plunged 26 percent since Friday, when Sprint said it wants to speed up plans to revamp its high-speed wireless network. Analysts say that will raise its expenses dramatically.

After the closing bell, aluminum maker Alcoa Inc. will become the first company in the Dow Jones industrial average to report third-quarter results. Analysts expect earnings from S&P 500 companies to rise about 12 percent from the same period last year, according to data provider FactSet. Revenue is expected to rise 11 percent.

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Forecasters say Tropical Storm Jova could become a hurricane later in the day out in the Pacific Ocean.

The U.S. National Hurricane Center in Miami said Saturday that Jova had maximum sustained winds near 70 mph (113 kph) but was still far from land. It was about 460 miles (740 kilometers) west-southwest of Manzanillo, Mexico, on Saturday morning.

Current forecast models show Jova could make landfall over Mexico by next Tuesday or Wednesday.

Meanwhile, Hurricane Irwin was beginning to make a U-turn and is expected to start moving toward land in the next couple of days Faxless payday loans. Irwin had maximum sustained winds of about 75 mph (120 kph) and is expected to remain a Category 1 storm for now.

In the Atlantic, Tropical Storm Philippe continued to swirl far from land.

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Missouri’s community colleges have received a federal grant to train unemployed workers for health care jobs.

Officials say MoHealthWINS, fueled by a $20 million federal grant, will educate 4,600 people through the state’s 12 community colleges and Linn State Technical College. The program was announced Monday by Gov. Jay Nixon, who said it would specifically target unemployed adults seeking new careers.

The funding is provided through a grant program offered by the U.S. Department of Labor.

Among the jobs that would be targeted are certified nursing aide, licensed practical nurse, phlebotomist, pharmacy technician and medical lab technician.

Nixon supported the grant proposal, saying it would offer the state another way to boost its percentage of residents with college degrees unsecured personal loans. Following a similar national goal, Nixon is hoping to push the percentage of state residents with a degree to 60 percent from 37 percent by 2020.

It is unclear how the money will be divided among the various schools.

In the grant proposal, St. Louis Community College said it would use the money to support career counselors and boot camps.

St. Charles Community College said it would train students to work as technicians in several areas, including radiological, medical lab and hearing aid specialization.

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