NEW YORK (AP) — Investors evidently think the U.S. economy is about right for owning stocks. There was a pickup in hiring last month, which means more people with paychecks, but wages were stagnant, cheering up investors worried about inflation. The Dow rose about 208 points, or 1.2 percent. The S&P 500 index climbed nearly 22 points, or 1.1 percent. The Nasdaq rose 45 points, or 1 percent.
NEW YORK (AP) — The price of oil is declining. Benchmark U.S. crude fell $1.27 to close at $89.74 a barrel Friday on the New York Mercantile Exchange, its lowest level since April of 2013. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.11 to close at $92.31 on the ICE Futures exchange in London.
DETROIT (AP) — More recalls are being announced by General Motors today. Concerns about ignition switches have prompted the recall of nearly 47,000 Pontiac G8s from the 2008 through the 2009 model years and 2011-2013 model Chevrolet Caprice PPV left-hand-drive sedans imported from Australia. Another recall covers over 10,000 Cadillac CTS-V sedans from the 2004-2007 model years and 2006-2007 model Cadillac STS-Vs. The concern there is a fuel pump module electrical terminal that could overheat.
UNDATED (AP) — The nation’s third-biggest cellphone carrier is cutting an unspecified number of jobs this month to reduce costs as it tries to better compete with AT&T and Verizon, and hints that more layoffs are possible. Sprint says it will book a $160 million charge in its fiscal second quarter to cover this round of layoffs, which will largely be completed this month.
FORT WORTH, Texas (AP) — RadioShack says it’s inked deals with a group of investors to restructure part of its debt and access funds. The Texas-based chain expects it’ll be able to draw on that credit to buy inventory ahead of the holiday shopping season. RadioShack warned last month it may need to file for Chapter 11 bankruptcy protection as it struggles to compete with online retailers.
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