World shares headed toward a second consecutive weekly loss on Friday as U.S. government fiscal problems and weak global economic growth weighed on sentiment, while violence in the Middle East pushed up oil prices despite ample stockpiles and a weak outlook for demand.
U.S. stocks briefly rebounded after the open on a report that White House officials were in advanced talks to replace sweeping spending cuts with targeted cuts and tax increases in a move to avoid the so-called "fiscal cliff" in early 2013.
"This is the first time we've had one iota of anything constructive being done," said Todd Schoenberger, managing principal at the BlackBay Group in New York.
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