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U.S. markets mixed Friday

NEW YORK, Nov. 28 (UPI) -- U.S. markets were mixed in New York on what is expected to be a light trading day, due to an early afternoon closing to extend the holiday weekend.

With many investors staying home on the day after Thanksgiving, the Dow Jones industrial average gained 22.07 points, or 0.26 percent, to 8,748.68 in late-morning trading. The Standard & Poor's 500 rose 0.04 percent, or 0.34 points, to 888.02. The Nasdaq composite index lost 11.15 points, 0.73 percent, to 1,520.95.

The benchmark 10-year U.S. Treasury bond rose 1/32 to yield 2.987 percent.

The euro fell to $1.2726, compared to $1.2899. Against the Japanese yen, the dollar rose to 95.44, compared with 95.41 yen.

In Tokyo, the Nikkei average gained 138.88 points to 8,512.27, up 1.66 percent.

Home equity threatened by identity theft

TRENTON, N.J., Nov. 28 (UPI) -- U.S. authorities have arrested four men they say used a variety of scams to trick banks into releasing home equity funds.

The four, who allegedly convinced U.S. banks to wire more than $2.5 million to banks in Canada, China, Japan and other countries, were connected to three others who pleaded guilty in federal court in eastern Virginia to charges in a $10 million bank fraud, The Washington Post reported Friday.

U.S. Attorney Christopher Christie in New Jersey said identity scams related to home equity theft are rising. "Homeowners should carefully review their statements to make sure their hard-earned equity is not disappearing from under their noses," he said.

Authorities charged Derrick Polk, of Los Angeles; Oludola Akinmola and Oladeji Craig of Brooklyn, N.Y.; and Oluwajide Ogunbiy of Springfield, Ill., with wire fraud.

Authorities say the gang used online searches to find information on victims with good credit. Armed with information that included answers to personal questions victims use for safeguarding accounts, they would phone banks to ask them to transfer funds.

The gang allegedly interrupted phone calls when banks called verify the transfers, the Post reported.

Charges were filed in New Jersey's U.S. District Court.

Student advocates unhappy with bailout

WASHINGTON, Nov. 28 (UPI) -- Student advocacy groups warned U.S. Treasury Secretary Henry Paulson Jr. that a new program to support private student loans could hurt borrowers.

Several groups, including Consumers Union, the U.S. Student Association and the National Consumer Law Center, wrote to Paulson to complain a $200 billion federal plan to support various consumer loans, including student loans, "will not solve the affordability crisis caused by the failing economy," The Washington Post reported Friday.

FinAid reported 37 private companies have dropped out of the $17 billion-a-year student loan business, but with private student loan rates reaching as high as 17 percent -- compared with federal student loan rates of about 6 percent -- supporting private lending to students "would actually be detrimental to many," the letter to Paulson said.

John Dean, special counsel to the Consumer Bankers Association called the program "welcome news." Michelle Smith, a spokeswoman for the Federal Reserve, said the program was directed toward economic concerns, not the broader implications, the Post reported.

But, Rep. Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee said he was concerned the program "is borrowing the good name of student loans to bail out some very bad actors."

Sales give consumers the edge

NEW YORK, Nov. 28 (UPI) -- Sales on Black Friday are shopper-friendly, giving U.S. consumers the edge as stores, wary of excess inventory, push discount deals, a consumer adviser said.

Retailers are "pulling out all the stops," consumer adviser Regina Lewis said Friday on "Good Morning America," ABC News reported.

The holiday sales season will be "a rough time for retailers," Lewis said, but "good for consumers"

Lewis suggested shopping online for deals and snapping up items before inventory runs out. Stores are "managing inventory so closely, you could get shut out," she said.

One simple step could also provide consumers with even more of an edge, she said.

"Today is the day to do your homework. Price, comparison shop. That single step can save you on average 35 percent per item," she said.