Stocks were set to open lower on Friday with the banking sector back in focus after Deutsche Bank ( DB ) and Credit Suisse ( CS ) agreed to a multi-billion dollar settlement with the U.S. Department of Justice over allegations of selling toxic mortgages ahead of the 2008 financial crisis. Barclays ( BCS ) was charged by the DOJ on Thursday.
Ahead of the Christmas holiday, trading volumes are expected to be very light and the benchmark indices should be wedged in narrow ranges. Early action will likely revolve around this morning's economic data that includes November new home sales and the final December University of Michigan consumer sentiment index.
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