Jobless dip, Cisco jolt stocks higher

NEW YORK -- A drop in unemployment claims and an upbeat forecast from Cisco Systems Inc. gave investors a jolt of confidence a day before a key government report on jobs.

The Dow Jones Industrial average jumped 200 points Thursday to its first close above 10,000 in two weeks, while Cisco, the maker of computer-networking gear, predicted its revenue would grow.

The Labor Department said the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week, the lowest level since January and fewer than economists had forecast. Initial claims gauge the pace of layoffs. Analysts project that the unemployment rate rose to 9.9 percent in October.

Home loan rates at less than 5 percent

NEW YORK -- Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks. The average rate fell to 4.98 percent from 5.03 percent a week earlier, Freddie Mac said Thursday.

Rates hit a record low of 4.78 percent in the spring, but are still attractive for home buyers or those refinancing. The average rate on a 15-year fixed-rate loan declined to 4.40 percent from 4.46 percent.

GM: US aid might be used to fix Opel

DETROIT -- General Motors' top executive said Thursday that the automaker could tap some of its $50 billion in U.S. government aid to help restructure GM's European Opel unit. That came as thousands of Opel workers walked off their jobs across Germany in protest of GM's decision to abandon the unit's sale to new owners.

CEO Fritz Henderson said GM would use U.S. government money for Opel only if necessary, and it would try to finance the $4.5 billion (3 billion euros) restructuring with loans from European countries, money generated by Opel and by reducing royalties that Opel pays GM for use of technology.

Henderson's remarks come two days after GM's board shocked German leaders and labor unions by rejecting a plan to sell 55 percent of Opel to a partnership of Canadian auto parts supplier Magna International Inc. and Russian lender Sperbank.

Arby's to put lower prices on its menu

CHICAGO -- Dollar drinks, sandwiches and desserts will join more Arby's menus as the struggling fast-food chain jumps on the deep-discount bandwagon aimed at wooing customers who have fled its higher-priced meals.

The plan is a bid to boost sagging sales at the chain that led its parent company, Wendy's/Arby's Group Inc. on Thursday to post only a thin profit for the third quarter.

Camera recycling effort is S.C.-bound

COLUMBIA -- Fujifilm will add 30 jobs in the Upstate by moving recycling operations for its QuickSnap one-time cameras from a facility in Mexico to Greenwood, state and local development leaders announced this week. The Upstate facility already produces QuickSnap cameras.

Fujifilm estimates that about 60 percent of the QuickSnap cameras sold make it back to the recycling center. The center recycles more than 1 million cameras a month, The State newspaper reported.

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