Telstra Corporation Limited.

The Australian shares closed with little change on Friday. The market rebounded from early losses as a surprise guidance upgrade by Commonwealth Bank pushed the financial sector higher in late trade. The benchmark S&P/ASX200 index gained 1.6 points to 4899.6, while the broader All Ordinaries index added 0.1 point to 4929.5.

The Australian share market closed lower on Friday hit by National Australia Bank and Telstra. At close, the benchmark S&P/ASX200 index fell 19.8 points, or 0.42 per cent, to 4650.5 while the broader All Ordinaries lost 17.7 points, or 0.38 per cent, at 4671.9. The Australian dollar fell to a fresh 10-week low on Friday and closed at US$0.8888.

US shares fell on Thursday as the services sector index declined unexpectedly in November. The contraction also hurt sentiment ahead of the release of unemployment figure.

US stocks Wednesday climbed to near the peak of the year after Dubai's debt restructuring plan. The market was also supported by the optimism about the upcoming holiday shopping season while retailers Staples and Guess saw positive earnings in third quarter and provided guidance above market expectations.

On Friday, the US stocks were boosted by the encouraging earnings from major retailers and The Walt Disney Co. A record number of U.S. companies beat earnings expectations in the third quarter. This week a new round of economic data including retail sales, inflation readings and housing starts will be the focus after most corporate results already reported.

US stocks overnight closed at a new high for the year as the G20 finance ministers and central bankers pledged to keep stimulus measures until a recovery was certain. Dow jumped more than 200 points for the session, with 29 of the index's 30 components finished in the green.

Wall Street closed higher overnight on investors' buying in industrial and materials stocks. Meanwhile, the fears of trade dispute between the US and China was offset by the news that a Chinese wealth fund is in talks to take over a minority stake in the US power plant AES.

Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.

US stocks surged overnight as the Federal Reserve said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.

Wall Street ended modestly lower overnight after the Shanghai stock market slumped 5 per cent, a biggest single day decline of the year in China. The US stocks were also hit by the Commerce Department data that new orders for US manufactured durable goods fell 2.5 per cent in June.