NEW YORK (AP) — A drop in the unemployment rate to its lowest level in three years propelled the Dow Jones industrial average Friday to its highest close since May 2008, before the financial meltdown later that year. The Nasdaq composite index hit an 11-year high.
The Dow jumped 156.82 points to 12,862.23, its highest mark since May 19, 2008, about four months before Lehman Brothers investment bank collapsed. In May 2008, credit markets were tightening up, subprime mortgages were going sour and Bear Stears had already collapsed.
Before the market opened, the Labor Department said the economy added 243,000 jobs in January. It was the strongest job growth in nine months. The increase in hiring pushed the unemployment rate down to 8.3 percent, the lowest since February 2009.
The surprising data gave financial markets a morning jolt that lasted throughout the trading day. The Nasdaq index closed 45.98 points higher at 2,905.66, its highest since December 2000, during the steep decline that followed the dot-com stock bubble.
The price of ultra-safe Treasury notes dropped, sending yields higher, and the price of oil rose for the first time in a week.
Business
Strong jobs report lifts Dow, Nasdaq
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Ad creates national buzz
Never Enough Auto Accessories is riding high after a U.S. Postal Service advertising campaign featured the speed shop in glossy magazines such as National Geographic, History Channel, Popular Photography and Scientific American.
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Score: Tap Employees for New Ideas
Every day, small business owners scour the internet, read business journals, and wrack their brains in search of new ideas for improving efficiency, attracting customers, and boosting the bottom line.
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Pool access for disabled is sparking controversy
The Obama administration is sidestepping an election-year confrontation with the hotel industry and other pool owners to give them more time to comply with access rules for the disabled.
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After NYC beer museum tour, hop on over to its bar
Beer was hip in New York long before hipsters were into craft brews, according to a new exhibit at the New-York Historical Society that traces the history of beer all the way back to drunken Colonial times.
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Recalls this week: Lamps, bike parts
Clip-on desk lamps and kitchen blenders are among this week's recalled products.
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Business View: To be healthy, we need to stop fraud
Medicare has been a ripe plum for picking by some of the most-sophisticated and not-so-sophisticated criminals. Because the law says that all claims must be paid to vendors in less than 30 days Medicare is based solely on trust.
Continued ... - Business Memoranda: 05/27/2012
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Business in Brief: 05/27/2012
Local executive to co-chair policy forum; Machine safety is the subject of program; Job training help is available for veterans; Retail sales down in April; outlook better; and more.
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Making the miles melt away
Judging by the sharply angled, aggressive nose on the 2013 Lexus GS, you might think this is a car that wants to bite your head off.
Continued ... - Saturday, May 26, 2012
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Small dairies fading away
The MacLaren brothers are third-generation dairy farmers, but they will likely be the last in their family. After working all their lives on the hillside farm in Vermont that their grandfather bought in 1939, they decided to call it quits, auctioning off their roughly 200 cows and equipment.
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Agriculture forum: A big year for local food in schools
With asparagus spears and rhubarb stalks poking up through the ground, many schools throughout northwest Lower Michigan are capping off a big year of celebrating and serving locally grown food.
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Futures File: Eurozone, investors troubled by Greek drama
The euro currency continued to sink this week, falling to the lowest price since 2010.
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Business in Brief: Michigan dairies show April milk increase
Milk production from Michigan dairy herds in April increased from last year.
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Council created in 2010 names members
Agriculture Secretary Tom Vilsack has named the members of a council created in a 2010 settlement to ensure Native American farmers and ranchers have access to Department of Agriculture programs.
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Sugar fight takes another bitter turn
The Sugar Association is accusing the makers of high fructose corn syrup of trying to candy-coat their image by calling their product a "sugar."
Continued ... - Friday, May 25, 2012
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State jobless rate drops to 8 percent
Michigan reports that the seasonally unadjusted unemployment rate dropped a full percentage point statewide and fell in all major labor markets.
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The Record: 05/25/2012
Assumed names filed in Grand Traverse County:
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Building Permits: 05/25/2012
Eastwood Custom Homes, 927 Andrew Melissa Lane, Blair Township, new home, $254,253
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Schilling's firm lays off staff
Former Boston Red Sox pitcher Curt Schilling's faltering video game company, which received a $75 million loan guarantee to move to Rhode Island in 2010, laid off its entire staff on Thursday.
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Dow wins Kuwaiti case
Dow Chemical has been awarded $2.16 billion in damages by an international arbitration court for a Kuwaiti joint venture that collapsed four years ago as the global recession took hold.
Continued ... - Thursday, May 24, 2012
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Oil below $90 for 1st time since Oct.
The price of oil dropped below $90 per barrel Wednesday, the latest milestone in a weekslong decline brought on by uncertainty surrounding economies from Europe to China.
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Scott's Harbor Grill getting new owners
Scott Neumann is selling Scott's Harbor Grill just two weeks shy of the 21st anniversary of its opening.
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Greek banks to get $23 billion
Four of Greece's leading banks are to receive a $23 billion capital injection to replenish reserves which were hit by the country's massive debt restructuring deal.
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Business in Brief: 05/24/2012
Mich. Senate OKs work-sharing bill; Feds add 2012 model year to Cruze fire probe.
Continued ... - Wednesday, May 23, 2012
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Local home sales on the rebound
Existing home sales continued to surge in the 5-county area, and sale prices also are starting to rebound.
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Beryl Makes Landfall on Florida Coast
UN Blames Syrian Forces for Shelling Houla
Raw Video: Gay Protest Blocked in Moscow
Vatican in Chaos After Butler Arrested for Leaks
Jimmy Carter Endorses Egypt's Election Results
Biden Addresses West Point Graduating Class
Dozens of Children Killed in New Syria Attack
Raw Video: Activists Allege Massacre in Syria
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
CEO Salaries Become Sore Issue in Labor Disputes
