Meanwhile, as more details about the plan became known, investors seemed less happy with the help homeowners will get. According to the AP, the plan is to lower mortgage rates for borrowers on the verge of foreclosure. When the Federal Reserve reports that the recession has cut many Americans' net worth by about 20% as the value of homes, stock portfolios and businesses have plummeted, the dismay with the housing plan may be understandable.

Over the weekend economic leaders from the G-7 countries will meet, and investors hope they will come up with clear, specific ways to repair the global financial system.

One really good piece news is coming out of China as its economy is showing signs of recovery as the 4 trillion yuan ($585 billion) stimulus package is taking effect. Indeed, Asian stocks rose for the first time in five days on optimism government efforts will finally end the global financial crisis and recession. European markets also advanced in early trading.

As for bonds and commodities, Treasuries headed for a weekly gain Friday as confidence in Obama's $789 billion stimulus plan to actually stimulate the economy eroded. For the same reason, gold futures rose Thursday for a third straight session, ending at the highest level in seven months near $950 an ounce. And oil rose back above $34 a barrel Friday, but that's after crude traded near five-year lows overnight, on demand concerns as the worst U.S. recession in decades could be deepening.