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U.S. markets recover from steep losses
NEW YORK, Jan. 13 (UPI) -- Stocks dropped on Wall Street Friday after the U.S. Commerce Department said the trade deficit grew substantially in November.
The department revised October's deficit to $43.3 billion and said that jumped to $47.8 billion in November.
Stock indexes closed lower in Britain, France, Germany and Italy, despite a successful auction of three year bonds in Rome.
Credit rating agency Standard & Poor's downgraded several European countries, including France and Italy, which shook markets late in the day.
By close of trading in New York, the Dow Jones industrial average lost 48.96 points or 0.39 percent to 12,422.06. The Standard & Poor's 500 index lost 6.41 or 0.49 percent to 1,289.09. The tech-heavy Nasdaq composite index lost 14.03 points or 0.51 percent to 2,710.67.
On the New York Stock Exchange, 1,060 stocks advanced and 1,972 declined on a volume of 3.4 billion shares traded.
The benchmark 10-year treasury note rose 17/32 to yield 1.867 percent.
The euro fell to $1.2676 from Thursday's $1.2814. Against the yen, the dollar rose to 77.00 yen from Thursday's 76.77 yen.
In Tokyo, the Nikkei 225 index gained 1.36 percent, 114.43, to 8,500.02.
In London, the FTSE 100 index shed 0.46 percent, 25.78, to 5,636.64.
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