Power Breakfast: Can Wall St. break world markets’ fall, school cuts, unemployment, Macy’s, financial overhaul, oil spill

Today is a big day on Wall Street. Can U.S. investors break the fall that has been gripping world markets recently?

Once again Friday, world markets tumbled, extending a wave of selling amid growing fears that Europe’s debt crisis could spread and undermine global economic growth, Associated Press reports.

In early trading in Europe, markets in Britain, Germany and France all fell.

That follows retreats in Japan, Australia, Indonesia, Singapore and India, AP wrote.

But stock futures on Wall Street pointed to modest gains following the Thursday’s big sell-off, AP said. The Dow plunged 376 points yesterday.

Investors fear debt problems in countries like Greece and Portugal will spill over to other countries in Europe, AP said. That could then trigger a cascade of losses for big banks and, in turn, hinder economic recovery in the U.S. and elsewhere.

Also in the AJC:

• Metro Atlanta school budget woes
• Paradox: Ga. economist expects unemployment to rise because of stronger economy
• Georgia jobless rate takes first dip in three years
• Strife over I-85 toll project
• DeKalb CEO agrees to maintain tax rate
• Downtown Macy’s to reveal its latest incarnation
• DISH to drop Weather Channel

In other media:

• Senate passes broader rules for overseeing Wall Street
• Syrupy oil hits Louisiana marshes for first time
• Facebook, MySpace confront privacy loophole
• Eyes on Germany as lawmakers vote on euro rescue