Business Briefs

Wall Street bullish despite job report

NEW YORK -- Investors added to the week's strong gains in the stock market Friday after finding some positives in a surprisingly weak jobs report.

Stock indexes posted a modest advance in light trading after the Labor Department said the nation's unemployment rate topped 10 percent in October for the first time since 1983, but also that the pace of job losses slowed.

The rise in joblessness, while not welcome news for the economy, reassured some investors that the Federal Reserve will have to hold interest rates low. That tends to weaken demand for the dollar, which in turn gives a boost to stocks.

When the dollar is weaker, U.S. goods are cheaper for buyers overseas. Companies that do business overseas also get a profit boost when their earnings are translated back into dollars.

Safe-haven assets like Treasurys were mixed. Oil prices tumbled and gold topped $1,100 an ounce for the first time. Gold benefits when investors are worried about a weak dollar and inflation.

General Electric rose 6 percent after analysts raised their ratings on the stocks. It was the biggest gainer among the 30 Dow industrials.

Consumer debt continuing to fall

WASHINGTON -- Outstanding consumer credit fell at a 7.2 percent annual rate in September, the eighth consecutive decline, the Federal Reserve reported Friday.

Credit balances had never fallen eight months in a row before in the 66-year history of the data.

Consumer credit fell by $14.8 billion to $2.46 trillion in September, down 4.7 percent compared with a year ago. Outstanding credit can fall if consumers pay off balances, or if lenders write off bad loans.

Although consumer debts have fallen by $126 billion since July 2008, household wealth has tumbled by $11 trillion, said Joshua Shapiro, chief economist for MFR Inc. Consumers have only begun to deleverage.

The figures do not include mortgages or other debts backed by real estate.

Deadline nears for Kraft's candy bid

CHICAGO -- The clock is ticking on a Monday deadline for Kraft Foods Inc. to make a formal offer for British candy maker Cadbury PLC.

Kraft, which makes Oreo cookies, Nabisco crackers and its namesake cheese, told investors this week to keep an eye on its filings, a clue that a bid might be right around the corner.

Monday is the last day permitted for Kraft to "put up or shut up," according to U.K. regulators.

If Kraft doesn't make a formal bid by then, it must walk away for six months.

Cadbury spurned Kraft's cash-and-stock offer in September. It was then worth $16.7 billion. It would now be worth less because Kraft's shares have fallen in value.

Post and Courier cuts 23 positions

The Post and Courier on Friday eliminated 23 positions throughout the company, including seven that were unfilled. The newspaper said the layoffs at its downtown Charleston offices were part of an effort "to cut expenses during continued economic weakness that is impacting advertising."

The cuts totaled less than 5 percent of the paper's work force.