As the Dow opened to the upside on Friday, Jack Welch, former General Electric chairman & CEO, shared his insights on Detroit, the economy and Wal-Mart's new CEO.

As the nation's largest bank continue to stand on shaky ground, it is the company's shareholders that bear the biggest risk, Pimco's Mohammed El-Erian said.

Euro zone services and manufacturing business activity sank much further and faster than expected in November to record lows, pushing some economists to call for larger rate cuts from the European Central Bank.

Global stocks took a breather from recent heavy declines Friday and one analyst told CNBC a turnaround could be due for the major indexes.

European shares pared gains in afternoon trade on Friday as persistent concerns about a deep global recession prompted investors to trade cautiously ahead of the weekend.

If governments throw enough money at the system, a strong, near-term rally should happen, investor Marc Faber said. But if it fails to materialize, prepare for an unprecedented depression.

Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, and the economy minister and analysts offering a bleak outlook for the economy.

Signs of distress in the global economy mounted , with Citigroup shares plunging on fears about its future, oil prices falling and the future of U.S. automakers hanging in the balance.

Oil fell to three-and-half-year lows on Friday, paring gains spurred partly by gains in global stock markets reflecting hopes that central banks around the world might cut interest rates, including China.

Australia is in a good position to defend itself against the global economic crisis despite a bleak report that forecasts a possible recession in 2009, according to the central bank chief.

Singapore's economy is seen growing around 2.5% this year and could shrink next year, as financial services and its exports are expected to be hit by a weaker global economy.

The dollar and yen fell on Friday as global stocks rebounded and reports that banking giant Citigroup was mulling a merger with another firm helped quell market anxiety.

A consortium led by sovereign wealth fund China Investment Corp is in talks to buy a 49% stake in American Life Insurance , a unit of AIG, in a deal that could be worth up to $10.6 billion, Japan's Nikkei business daily reports.

Stocks plunged Thursday as anxiety about the economy and the government's wheel-spinning on the auto bailout and TARP plagued the market throughout the day, culminating in a massive final hour selloff. The Dow ended below 7,600, a more than five-year low. The S&P closed at an 11 1/2-year low.

Treasury Secretary Henry Paulson called the financial crisis now plaguing the world economy a "once or twice" in a 100 years event, even as he warned Thursday against imposing too-strict regulations to prevent a repeat calamity.