Largest hiring burst in years, but
jobless rate up WASHINGTON (AP) -- The economy added a
net 290,000 jobs in April, the biggest monthly total in four years. The improving jobs picture caused so
many more people to pour into the labor force in search of employment that the
jobless rate rose from 9.7 percent to 9.9 percent. The hiring last month of 66,000
temporary government workers to conduct the census added to overall job
creation. But private employers, the backbone of the economy, contributed the
most: A surprisingly strong 231,000 jobs, the most since March 2006, the Labor
Department said Friday. Stocks falter after wild day, Europe
woes linger NEW YORK (AP) -- Stocks had another
volatile day Friday, swinging widely before closing sharply lower. The Dow Jones industrials closed with a
loss of about 140 points, having been down almost 280 earlier. That followed a
brief plunge of nearly 1,000 points on Thursday, the biggest one-day drop in
the Dow's history. The erratic trading Friday was no surprise -- stocks often
fluctuate sharply right after the market suffers a big slide. Traders were still anxious amid
lingering questions about what caused Thursday's sudden drop. Several
possibilities were being investigated, but as of late Friday no clear
explanation had emerged. Regulators look into market plunge,
weigh changes WASHINGTON (AP) -- The federal
regulators that oversee financial markets say they are investigating the causes
of the mass sell-off Thursday that pushed the Dow Jones Industrial average down
hundreds of points. They are identifying one possible cause: Conflicting
trading rules for different markets. The Securities and Exchange Commission
and the Commodity Futures Trading Commission say they are reviewing data
related to Thursday's trading frenzy. They are looking at information from
exchanges, self-regulatory groups and market participants. They say they will
make any necessary changes to prevent the problem from recurring. AIG returns to profitability in 1st
quarter NEW YORK (AP) -- AIG, the insurance
giant bailed out by the federal government, reported net income of $1.45
billion for the first quarter as its struggling insurance business showed signs
of improvement. The company also said Friday that
recovering credit markets and ongoing efforts to streamline its operations
contributed to improved performance. Shares of AIG surged $1.95, or 5.3
percent to $38.70, even as the broader market fell. Buffett's firm releases details of
$3.6B 1Q profit OMAHA, Neb. (AP) -- Berkshire Hathaway
says it benefited from an improving economy and investment gains related to its
acquisition of BNSF railroad in the first quarter as it rebounded from last
year's loss to deliver $3.6 billion in net income. Berkshire said Friday it earned $2,272
per Class A share during the quarter. That's after last year's loss of $1.5
billion, or $990 per share, as it wrote down the value of its Europe tries to douse debt crisis BRUSSELS (AP) -- Amid ruthless
financial turmoil, German Chancellor Angela Merkel urged European leaders to
sharpen the core rules underpinning the euro to avoid debt crises like the
ferocious one which has pushed Greece to the brink of bankruptcy and threatened
other fragile euro-zone nations. Several other leaders, including French
President Nicolas Sarkozy, insisted Greece and subsequent market moves
targeting other euro-zone nations had left the whole framework of rules
managing the euro in crisis and needed to be firmed up, according to officials
close to the talks. Goldman creating committee to review
its practices NEW YORK (AP) -- Blankfein also told the company's
annual meeting that Goldman is creating a business standards committee to study
its practices as it fights civil fraud charges brought by the Securities and
Exchange Commission. Consumer Reports lifts DETROIT (AP) -- Consumer Reports
magazine is lifting a "Don't Buy" recommendation for a The magazine said Friday that the 2010 Consumer borrowing posts unexpected
rise in March WASHINGTON (AP) -- Consumer borrowing
posted an unexpected increase in March, only the second gain in the last 14
months. It could be a sign that households are feeling more confident about
boosting spending, a key development needed to support a sustained economic
recovery. The Consumer credit was also up in January
but other than those two gains, it has been falling steadily since February of
last year as households have cut back on their borrowing to repair their
battered balance sheets. Judge clears General Growth bankruptcy
exit plan LOS ANGELES (AP) -- Simon Property
Group Inc. on Friday withdrew its $6.5 billion bid to acquire rival shopping
mall owner General Growth Properties Inc., following a bankruptcy court ruling
that Simon said would have made the deal too expensive. The move ends a monthslong campaign by
the nation's largest shopping mall owner to take over its closest competitor.
It was an unlikely bidding war for a company that just over a year ago had the
dubious honor of being the biggest real estate bankruptcy case in U.S. history. The plan approved by U.S. Bankruptcy
Court Judge Allan Gropper in New York should enable General Growth to emerge
from Chapter 11 bankruptcy protection as a standalone company. Under the plan,
General Growth would receive $6.5 billion from an investor group led by
Canadian property manager Brookfield Asset Management Inc. By The Associated Press The Dow Jones industrial average closed
down 139.89, or 1.3 percent, at 10,380.43 The Standard & Poor's 500 index
fell 17.27, or 1.5 percent, at 1,110.88, while the Friday's trading left the Dow down 5.7
percent for the week and erased its gains for the year. A barrel of benchmark crude fell $2 to
settle at $75.11 a barrel Friday on the New York Mercantile Exchange. That's
the lowest per-barrel price since mid-February. Crude prices have dropped more
than $12 a barrel from an 18-month high on Monday. In other Nymex trading in June
contracts on Friday, heating oil fell 3.42 cents to settle at $2.0795 a gallon,
and gasoline dropped 3.12 cents to settle at $2.1251 a gallon. Natural gas rose
8.6 cents to settle at $4.015 per 1,000 cubic feet. In London, Brent crude lost $1.56 to
settle at $78.27 on the ICE futures exchange.