Friday morning headlines

Stocks taking off: Volatile week ending on the plus side, largely because the news out of Europe is promising. Dow is up more than 250 points.

About Europe: Italy's Senate approved a package of economic reforms that the European Union had been demanding (AP), while Greece's new interim Cabinet was sworn in (AP). Feeling better?

Consumer sentiment brightens: The preliminary Reuters/ University of Michigan index for November rose to 64.2, up from 60.9 the previous month and 55.7 in August. Number is still high but it's moving in the right direction. (Calculated Risk)

Housing affordability increases: The number of California households who are in a position to purchase a home edged up to 52 percent in the third quarter, from 51 percent for the previous three months. (LAT)

Oil prices back up: Benchmark crude is running more than $98 a barrel, which would indicate some encouragement about the economy. Meanwhile, an average gallon of regular in the L.A. area is $3.866, no real change from last week, according to the Auto Club.

NBA makes new offer: It's the final offer, say league officials, and if the players approve (a very big if), a 72-game season could begin in mid-December. The players are expected to respond next week. From the NYT:

The offer is based on a 50-50 split of league revenues, which the union is resigned to accepting. But it also contains an array of new restrictions on player movement and team payrolls, all of which the union opposes, and which still threaten the approval of any deal. Those so-called system issues were the primary focus of the last two days of talks.

Pickup in Dodger ticket sales: Reduced prices (and perhaps McCourt's decision to sell) help explain the 30 percent increase from last year. (LAT)

Localities can ban pot stores: Potentially big blow for medical marijuana industry as a state appeals court upholds the ban in Riverside - and sets the stage for other cities and counties to enact similar prohibitions. From the LAT:

The recent decisions could give the state Supreme Court an opportunity to address critical issues that remain unsettled 15 years after voters made California the first state to allow medical use of marijuana. Despite the state's groundbreaking status, its medical marijuana program is the most tumultuous. The state's four federal prosecutors have ramped up enforcement to shut down dispensaries and growers. Long Beach City Atty. Robert Shannon said the city filed its appeal to the Supreme Court on Thursday. "The law is in total disarray," he said. "There is no clarity and consistency."

Videogame's one-day sales record: Activision's latest iteration in the "Call of Duty" series, "Modern Warfare 3," generated $400 million during the first 24 hours of sales. (THR)