European stocks crept lower and an early rally in the euro evaporated, as investors again focused on Greece's ability to deal with its debt problems.
"The Greek debt crisis has taken a more ominous turn," said Kathleen Brooks, research director at Forex.com. "Whereas previously the market thought a default was a year or two in the future, the truth is it could happen on June 29 when the IMF will release its audit and make its decision on further funds for Athens."
IN US MARKETS
Stocks closed slightly higher as strength in the consumer-discretionary and technology sectors overshadowed weak economic data.
All three measures erased morning losses that followed a batch of weaker-than-expected economic data. The Dow dropped as much as 76 points early Thursday before recovering
Volume on the Friday before the holiday weekend is typically 25% lower than the average level experienced in the two weeks before Memorial Day, according to data provided by Credit Suisse.
IN COMMODITIES MARKETS
Gold futures had climbed for four consecutive sessions, boosted by investor demand for a safe place to park cash because of worries about the European Union's ability to manage its member countries' sovereign debt. Some investors turn to precious metals on the view that they hold their value better than other assets during economic turmoil.
Oil prices finished lower, a day after their run above $101 a barrel, after several reports offered a disappointing view of the U.S. economy.
SDL Price at posting:
36.0¢ Sentiment: None Disclosure: Not Held
