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Jobs report spurs rally; S&P 500 hits record high
NEW YORK — Stocks rose sharply Friday after the government's employment report for September and revised numbers for August calmed investors' fears of a recession.
The Labor Department said employers added 110,000 jobs in September, in line with analyst expectations, and revised the August data to show a rise in jobs instead of the decline originally reported.
The Dow Jones industrial average rose 91.70, or 0.66 percent, to 14,066.01. The S&P 500 gained 14.75, or 0.96 percent, to 1,557.59, a record closing high. The Nasdaq composite index rose 46.75, or 1.71 percent, to 2,780.32.
Consumers' borrowing increased in August
WASHINGTON — Consumers boosted their borrowing in August at the fastest pace in three months, turning increasingly to credit cards to replace home equity loans as a source of cash.
The Federal Reserve said consumer credit rose $12.2 billion to a record $2.469 trillion in August, an annual rate of 5.9 percent, the biggest increase since a 7.9 percent jump in May. The increase was bigger than the $9.5 billion rise analysts had expected.
Revolving credit, the category that includes credit card loans, jumped 8.1 percent, while non-revolving credit, which includes auto loans, rose at an annual rate of 4.7 percent.
Longtime meat business to close because of recall
NEWARK, N.J. — Topps Meat Co. on Friday said it was closing its business, six days after it was forced to issue the second-largest beef recall in U.S. history and 67 years after it opened. The decision will cost 87 people their jobs.
On Sept. 25 Topps began recalling hamburger patties that may have been contaminated with the potentially fatal E. coli bacteria strain O157:H7. The recall eventually ballooned to 21.7 million pounds of ground beef.
Thirty people in eight states had infections matching the strain found in the patties, the Centers for Disease Control and Prevention said. None have died.
The Topps recall raised questions about whether the U.S. Agriculture Department should have acted faster to encourage a recall. USDA officials said they would speed warnings in the future.
Bank says third-quarter profit will fall 75 percent
SEATTLE — Washington Mutual Inc. said Friday that the weak housing market and the recent mortgage crunch will lead to a 75 percent drop in its third-quarter profit, making it the latest financial institution to warn investors it took a major hit over the summer.
The nation's largest savings bank reported net income of $748 million in the third quarter of 2006, meaning third-quarter 2007 net income is likely to be somewhere around $187 million.
The decline will come mostly from rising provisions for loan losses and write-downs of mortgages the company currently holds.
Microsoft selling part of outfit that created 'Halo'
REDMOND, Wash.— Microsoft will spin off the creator of the blockbuster "Halo" video game trilogy but maintain a stake and close ties to Bungie Studios.
Publishing agreements for Microsoft-owned "Halo" intellectual property and for future games developed by Bungie will continue, Microsoft said Friday. Gamers have already plunked down more than $300 million for "Halo 3" since the game was released less than two weeks ago.
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