Investors heartened by jobs figures
Investors heartened by the solidifying prospect of an economic recovery due to better than expected unemployment report for July, sent major stock indexes higher on Friday. The Dow, Nasdaq and S&P 500 rose 0.94, 1.37 and 1.16 percentage points respectively, with gains across a wide swath of industries. Read Full Article here.
Obama seeks ‘true recovery’
President Obama, responding to signs of stabilization in the job market, said today that while the worst of the economic recession is “behind us” the U.S. would not have a “true recovery” while U.S. employers continued to cut jobs. Read Full Article here.
Employers cutting less jobs
U.S. employers cut nearly a quarter million jobs in July, suggesting the recession is drawing to a close. Employers cut 247,000 non-farm jobs in July, better than expectations by analysts of 320,000 cuts. The unemployment rate also fell slightly by one tenth of one percent to 9.5 percent. Read Full Article here.
Issues remain to reach tax deal
The U.S. government and Swiss bank UBS are still talking to try to reach a settlement in a tax evasion case involving thousands of wealthy U.S. account holders. Read Full Article here.