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.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

Stocks bounced back Friday after a two-day selloff that saw major indexes crash through support levels and shaved 872 points off the Dow.

Richmond Federal Reserve President Jeffrey Lacker said it was reasonable to expect the U.S. economy to reverse its downward track some time in 2009, and warned of inflation risks in any rebound.

U.S. stocks looked set for an end-of-week rally Friday with the Dow futures gaining around 200 points ahead of the open, but recent declines have left investors with little trust in upswings.

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.

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.

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.

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.

The latest job cuts  in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.

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.

The Big 3 U.S. automakers may have reached a bailout compromise Thursday — or not. Citigroup shares hover near $5, even after mega-investor Saudi Prince Alwaleed bin Talal said he'd boost his Citi stake to 5 percent. Strategists told CNBC to expect more volatility — and no bottom for months yet.

New York City's securities companies in October shed 16,000 employees, when measured on a year-over-year basis, pushing the total workforce down to the level last seen September 2005, a state labor market analyst said on Thursday.

Stocks wobbled as key lawmakers said an auto bailout deal might have to wait until December.