U.S. stocks rallied Friday, as investors cheered a much stronger-than-expected jobs report.
The Dow Jones industrial average () gained 157 points, or 1.2%, the S&P 500 () added 19 points, or 1.5%, and the Nasdaq composite () increased 46 points, or 1.6%.
The rally pushed pushed the Dow, up more than 5% in 2012, to its highest level since May 2008. The Nasdaq, up more than 11% for the year, climbed to its highest level since December 2000. The S&P 500 has gained almost 7% this year, and finished at a six-month high.
The rally was sparked by the Labor Department’s monthly jobs report, which showed that the U.S. economy added 243,000 jobs in January, far exceeding expectations. The unemployment rate dropped to 8.3%, the lowest since February 2009.
Economists surveyed by CNNMoney had expected the government to report an increase of just 130,000 jobs in January. The unemployment rate was expected to rise to 8.6%.
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Economists had expected a slowdown in post-holiday hiring, considering that about 40,000 temporary couriers were hired for the holidays alone..
"The jobs data blew away market expectations," noted Marc Chandler, global head of currency strategy at Brown Brothers Harriman, calling it a "monster" jobs report. "This coupled with other recent reports for January, show the year has begun off on a firm note," he added.
Meanwhile, investors were also on the lookout for an official agreement on a debt-reduction plan and a second bailout for Greece. The deal is expected to be near, but negotiations are likely to continue thorough the weekend.
U.S. stocks ended mixed Thursday as investors digested a cautious economic outlook from the chairman of the Federal Reserve.
Economy: Factory orders for December rose 1.1%, slightly below expectations. The January installment of the ISM Services Index hit 56.8, surpassing economists’ expectations for 53.1, and up sharply from the prior month.
Companies: Financial stocks were big gainers in Friday’s rally, with Bank of America’s (, Fortune 500) 5% spike leading the Dow’s gains. Morgan Stanley (, Fortune 500), Citigroup (, Fortune 500) and Goldman Sachs (, Fortune 500) were all up between 3% and 5%.
Shares of Genworth Financial (, Fortune 500) soared 14% after the mortgage insurer swung to a fourth-quarter profit.
Tyson Foods (, Fortune 500) shares rose after the company reported better-than-expected earnings and issued slightly upbeat guidance.
Estee Lauder (, Fortune 500) reported a 15% profit increase for its fiscal second quarter to $597 million, but its stock tumbled as the company’s guidance for the current quarter came in short of analyst expectations.
Shares of Gilead Sciences (, Fortune 500) spiked after the company posted fourth-quarter earnings that rose almost 6% from a year ago.
Edwards Lifesciences’ () stock dropped as earnings fell and the company gave a lackluster forecast for the current quarter.
Zynga () shares continue to rise, after Facebook’s IPO revealed the gamemaker accounted for 12% of its revenue in 2011.
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Research in Motion () shares dipped after the BlackBerry-maker said it will give its tablet, the BlackBerry PlayBook, out to Android developers in exchange for their apps.
Trading in shares of Micron Technology (, Fortune 500) was halted after the company announced that its CEO and chairman Steve Appleton died Friday morning in a small-plane crash in Boise.
Currencies and commodities: The dollar slipped against the euro and the British pound, but rose versus the Japanese yen.
Oil for March delivery rose $1.48 to settle at $97.84 a barrel.
Gold futures for April delivery fell $19 to settle at $1,736.80 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.95% from 1.82% late Thursday.
World markets: European stocks ended sharply higher. Britain’s FTSE 100 () rose 1.8%, while the DAX () in Germany jumped 1.7% and France’s CAC 40 () rose 1.5%.
Asian markets ended mixed. The Shanghai Composite () rose 0.8%, while the Hang Seng () in Hong Kong was flat and Japan’s Nikkei () slipped 0.5%.
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Gannett Co. reported a 33 percent drop in its fourth-quarter net income Monday. The media company, which publishes USA Today and owns a network of broadcast, digital and other publishing properties, said profits were weighed down by restructuring costs and other charges, as well as a revenue decline.
The company earned $116.9 million, or 49 cents per share, in the three months that ended Dec. 25. That’s down from earnings of $174.1 million, or 72 cents per share, in the same period a year earlier.
Gannett’s stock fell 7 percent, or $1.07 to $14.15 in midday trading on Monday. It has traded in between $8.28 and $18.93 in the past 52 weeks.
Excluding special items such as restructuring charges, Gannett earned 72 cents per share in the latest quarter. Analysts, on average, were expecting earnings of 68 cents per share, according to a poll by FactSet.
The company said its results reflected $63.6 million in charges related to workforce restructuring and facility consolidations at properties in the U.S. and the U.K. The largest charge was associated with the transfer of production of The Cincinnati Enquirer to a newspaper printer in Columbus, Ohio.
Revenue fell 5 percent to $1.39 billion from $1.46 billion in the same period a year earlier.
Analysts were expecting revenue of $1.39 billion, according to a poll by FactSet.
“We are positioning for growth in print and digital media through new subscription models delivered across platforms, capturing opportunities in adjacent businesses, and continuing to focus on operational efficiencies,” said Gracia Martore, president and CEO, in a statement business cards design.
Revenue at Gannett’s publishing division fell 5 percent to $1.01 billion, a decline the company attributed to lower advertising amid the economic softness in the U.S. and the U.K.
Broadcasting revenue fell 14 percent to $199.8 million, due mainly to sharply lower political advertising than a year earlier.
Revenue at the company’s digital division, which includes the website CareerBuilder, rose 9 percent to $181.5 million.
Company-wide digital revenue, which consists of the digital division and revenue generated by newspaper websites, rose nearly 7 percent to $290.3 million.
For the full year, Gannett earned $458.7 million, or $1.89 per share, down 22 percent from $588.2 million, or $2.43 per share, in the previous year.
Adjusted earnings were $2.13 per share.
Revenue slid 4 percent to $5.24 billion from $5.44 billion.
Analysts were expecting full-year adjusted earnings of $2.10 per share on revenue of $5.25 billion.
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Asian stock markets were mostly higher Thursday after the U.S. central bank pledged to keep interest rates low for another three years to nurture the country’s stubbornly slow economic recovery.
Hong Kong’s Hang Seng Index jumped 1.1 percent to 20,322.51 on its first trading day since the Chinese New Year holiday. South Korea’s Kospi rose 0.2 percent to 1,956.14. Benchmarks in Singapore and New Zealand also rose.
Japan’s Nikkei was 0.4 percent lower at 8,846.96, following strong gains a day earlier. Markets in Taiwan and mainland Chinese remained closed for the Chinese New Year. The Australian market was closed for a public holiday.
On Wednesday, the U.S. Federal Open Market Committee said it was unlikely to raise interest rates before late 2014. It had previously said it expected to keep rates low into the middle of 2013.
The Fed cut rates to near zero in December 2008, during the financial crisis, and has held them there ever since. The announcement was a sign that the Fed expects the economy, which is improving, to need significant help for three more years.
Analysts said stock buyers rejoiced that the Fed was leaning toward promoting economic growth.
“With the FOMC sending out a strong signal that monetary policy is likely to remain accommodative for even longer than previously expected, risk assets are in a very good position,” said Stan Shamu of IG Markets in Melbourne guaranteed personal loan approval.
Wall Street welcomed the news, with the Dow Jones industrial average closing up 0.6 percent at 12,756.96 _ the highest close since May 10. The Standard & Poor’s 500 index rose 0.9 percent to 1,326.06. The Nasdaq composite index gained 1.1 percent to close at 2,818.31.
Benchmark crude for March delivery was up 39 cents to $99.79 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose by 45 cents to finish at $99.40 per barrel in New York on Wednesday. At one point it was as high as $100.40.
The prospect of low interest rates weighed on the dollar, since it reduces the returns that investors get from holding assets denominated in that currency. The euro rose to $1.3103 from $1.3084 late Wednesday in New York. The dollar fell to 77.75 yen from 77.81 yen.
As regulators and attorneys general continue a year-long push to deliver help for homeowners, some left-leaning groups on Monday warned against any deal that protects banks against lawsuits.
Negotiations for a settlement over improper foreclosures have been dragging on for months between state and federal authorities and some of the nation’s biggest banks.
At stake could be a $20 billion to $25 billion pot of money from the banks and mortgage servicers that could help troubled homeowners modify loans and provide them with counseling, according to two people familiar with the talks.
Under the latest deal, about 1 million U.S. homeowners who are underwater on their mortgages could be eligible for as much as $20,000 in relief of principal owed, U.S. Housing and Urban Development Secretary Shaun Donovan has said. In return, mortgage servicers in states that agree to the deal would get immunity from lawsuits, the sources said.
Several Democratic state attorneys general were briefed of more details of the deal on Monday in a meeting in Chicago, CNNMoney confirmed. Republican state attorneys general were also to be briefed on a conference call.
News of the briefings spurred a protest on Monday outside the State of Illinois Building in Chicago by members of left-leaning groups, including Move On and the New Bottom Line, urging states to hold out for a bigger criminal investigation and a $300 billion settlement award.
Left-leaning activists and two Democratic lawmakers said they’re fighting against blanket immunity for banks, which North Carolina Democrat Rep. Brad Miller called a "very bad deal for the American people and a sweet-heart deal for banks," in a conference call with reporters on Monday.
The negotiations are between federal agencies, including the U.S. Department of Justice and the U.S. Department of Housing and Urban Development, as well as state attorneys general and the five largest mortgage servicers:Bank of America (, Fortune 500), Wells Fargo (, Fortune 500), JPMorgan Chase (, Fortune 500), Citigroup (, Fortune 500) and Ally Financial ().
The Obama Administration had been pushing for a resolution in time for the president to tout the deal during his delivery of the State of the Union on Tuesday.
But no final agreement is expected this week, said Geoff Greenwood, spokesman for the Iowa Attorney General Tom Miller, who has been leading the talks.
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The final monetary award depends on the participation of larger states. But several states, including New York, Delaware and California, are reportedly cool to the latest draft, a source said. Those attorneys general have said they want the freedom to pursue their own housing investigations.
Calls to those attorneys general were not returned on Monday.
Washington analysts say they expect some tidbits from the latest proposed settlement to make Obama’s State of the Union speech.
"The President is likely to tout how the agreement will provide for principal reduction and help for more than a million borrowers," said Jaret Seiberg, senior policy analyst with Washington Research Group in a Monday research report.
"He will emphasize how this is about helping today to correct the mistakes of yesterday," Seiberg said in the report.
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The captain of a cruise liner that ran aground and capsized off the Tuscan coast faced accusations from authorities and passengers that he abandoned ship before everyone was safely evacuated as rescuers found another body on the overturned vessel.
The male passenger was found in a corridor of the part of the Costa Concordia still above water, fire department spokesman Luca Cari told state radio. The victim was wearing a life-vest. Six bodies have now been recovered, while 16 people are unaccounted-for after the luxury liner struck rocks or a reef off the tiny island of Giglio.
The number of unaccounted-for was raised after relatives of two Sicilian women who had been listed among those safely evacuated after Friday night’s grounding told authorities they not heard from them.
The search of the ship, including a risky inspection of the underwater half of the capsized ship, was continuing Monday, in rough seas.
On Sunday, divers searching the murky depths of the ship found the bodies of two elderly men. Three other bodies were found in the hours after the accident.
Still, there were glimmers of hope: The rescue of three survivors _ a young South Korean couple on their honeymoon and a crew member brought to shore in a dramatic airlift some 36 hours after the grounding late Friday.
Meanwhile, attention focused on the captain, who was spotted by Coast Guard officials and passengers fleeing the scene even as the chaotic and terrifying evacuation was under way.
The ship’s Italian owner, a subsidiary of Carnival Cruise lines, issued a statement late Sunday saying there appeared to be “significant human error” on the part of the captain, Francesco Schettino, “which resulted in these grave consequences.”
Authorities were holding Schettino for suspected manslaughter and a prosecutor confirmed Sunday they were also investigating allegations the captain abandoned the stricken liner before all the passengers had escaped. According to the Italian navigation code, a captain who abandons a ship in danger can face up to 12 years in prison.
Schettino insisted he didn’t leave the liner early, telling Mediaset television that he had done everything he could to save lives. “We were the last ones to leave the ship,” he said.
Questions also swirled about why the ship had navigated so close to the dangerous reefs and rocks that jut off Giglio’s eastern coast, amid suspicions the captain may have ventured too close while carrying out a maneuver to entertain tourists on the island guaranteed payday loans.
Residents of Giglio said they had never seen the Costa come so close to the dangerous “Le Scole” reef area.
“This was too close, too close,” said Italo Arienti, a 54-year-old sailor who has worked on the Maregiglio ferry between Giglio and the mainland for more than a decade. Pointing to a nautical map, he drew his finger along the path the ship usually takes and the jarring one close to shore that it followed Friday.
Costa captains have occasionally steered the ship near port and sounded the siren in a special salute, Arienti said. Such a nautical “fly-by” was staged last August, prompting the town’s mayor to send a note of thanks to the commander for the treat it provided tourists who flock to the island, local news portal GiglioNews.it reported.
But Arienti and other residents said even on those occasions, the cruise ship always stayed far offshore, well beyond the reach of the “Le Scole” reefs.
Coast Guard Cmdr. Filippo Marini said divers had recovered the so-called “black box,” with the recording of the navigational details, from a compartment now under water, though no details were released.
Survivors described a terrifying escape that was straight out of a scene from “Titanic.” Many complained the crew didn’t give them good directions on how to evacuate and once the emergency became clear, delayed lowering the lifeboats until the ship was listing too heavily for all to be released.
“We were left to ourselves,” pregnant French passenger Isabelle Mougin, who injured her ankle in the scramble, told the ANSA news agency.
Another French passenger, Jeanne Marie de Champs, said that faced with the chaotic scene at the lifeboats, she decided to take her chances swimming to shore.
“I was afraid I wouldn’t make the shore, but then I saw we were close enough, I felt calmer,” she told Sky News 24.
BRIDGETON • Officials at the new 60-bed SSM Rehabilitation Hospital hope that it will become a regional center for the treatment of brain and spinal cord injuries.
Doug Brewer, president and chief executive of SSM-Select Rehabilitation, says the hospital brings together several services that previously were provided at other SSM sites, and the hospital also has all new equipment to help improve the rehab services offered by SSM.
Brewer said the hospital would focus particularly on helping those with brain or spinal cord injuries, in addition to providing a variety of other rehab services.
The $23 million Rehabilitation Hospital on the campus of DePaul Health Center, 12380 DePaul Drive in Bridgeton, began accepting its first patients this week. The three-story, 66,914-square-foot hospital was built over the past 18 months and has opened on schedule.
“I think we can all agree that this building has exceeded our expectations,” Brewer said at a dedication ceremony last week.
“Yes,” he added, “it’s a beautiful building, but exceptional, compassionate care for patients cannot be faked, and that’s what we’ll strive to provide here.”
The new hospital features these amenities:
• Therapy gyms on the third and fourth floors with ceiling-to-floor windows that provide a panoramic view of nearby interstates 70 and 270 and St. Charles Rock Road. Brewer said viewing the hustle and bustle outside can help stimulate those with certain types of brain injuries and hasten their recovery.
• Private, windowless therapy and consultation rooms for those whose injuries respond best to very little outside stimulation.
• Brightly lit patient rooms and hallways designed to look more like a hotel than a hospital. Large photos of St. Louis-area attractions hang in each patient’s room. Brewer said most patients will be at the hospital for at least two weeks or much longer, so designers tried to make the rooms as inviting as possible without forgetting the facility’s medical mission.
• A large dining area with both indoor and outdoor seating.
• An outdoor ambulation course for patient therapies.
• A courtyard for use by patients and their families.
• Nurses’ stations facing large windows on the nearby therapy gyms and therapy rooms, giving workers a good view and allowing them to respond quickly to any emergencies credit reports free.
The new hospital also houses the SSM Day Institute, a specialized outpatient program for people who are recovering from a traumatic injury or illness but who no longer require 24-hour nursing or acute rehabilitation care.
The hospital opened with about 150 employees and will employ 250 when it reaches full occupancy. SSM Rehabilitation Hospital is operated by SSM-Select Rehab LLC, a joint venture of SSM Health Care-St. Louis and Select Medical, which is based in Mechanicsburg, Pa.
David Chernow, Select Medical’s president and chief development and strategy officer, said he was excited about the new hospital and all of its new equipment and technology.
“But it will be the patients’ experience itself that they and their family members will remember the most after they go home,” he said.
“Our mission is to help them regain their independence. Truly, we will improve their quality of life.”
Chris Gonzalez, the hospital’s director of rehabilitation, said, “One area that will differentiate us is our care of people who have dual diagnoses — a spinal cord injury and a brain injury. Many times when there are traumatic injuries, especially in car accidents, both of these injuries occur.”
The brain injury rehab program is being relocated from St. Mary’s Health Center in Richmond Heights to the new hospital. The SSM Rehabilitation network will continue to operate general inpatient rehab programs at both St. Mary’s and St. Joseph Health Center in St. Charles.
Dan Blaker, vice president of design and construction for Select Medical, said the new hospital looks in many ways like other medical facilities Select Medical has helped build in recent years.
“We basically incorporated rehab design features that we have incorporated over a number of years at other facilities,” he said.
He said the SSM Rehabilitation Hospital site was somewhat unusual in that it is long and narrow and on a hilltop. So the hospital was built with long hallways to fit the terrain.
Alberici Constructors Inc. was the general contractor on the project, and Stock and Associates were consulting engineers.
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President Obama gave a pep talk Friday to the staff of the Consumer Financial Protection Bureau — including the new director he controversially appointed this week.
"Every one of you here has a critical role to play in making sure that everybody’s playing by the same rules — to make sure the big banks on Wall Street play by the same rules as community banks on Main Street," Obama said.
The bureau is likely to face a bumpy road after the president’s recess appointment of Richard Cordray, a former Ohio attorney general, as the bureau’s first official director.
Obama’s move angered Republicans in Congress who had tried for months to prevent the president from making exactly that appointment unless he agreed to structural changes in the consumer bureau. They say the bureau — which came into existence last year as part of the Dodd-Frank financial reforms — is unaccountable and they deny the legitimacy of the appointment, saying Congress isn’t in recess.
The administration counters that the pro-forma sessions aimed at blocking the recess appointments aren’t legitimate, and that the president has a Constitutional obligation to appoint people to keep government running.
A House Republican panel has called Cordray to testify later this month. And business groups are talking about a legal challenge to the bureau’s authority.
The Consumer Financial Protection Bureau is an independent agency created as part of the Wall Street reforms of 2010 tasked with regulating financial products such as mortgages and credit cards bad credit payday loans.
As its new chief, Cordray has said he plans to move forward and not worry about potential lawsuits that may challenge his agency’s powers.
In his address on Friday, Obama praised the bureau for moving forward to target nonbank firms that issue financial products such as payday lenders, debt collectors and mortgage servicers — sectors that remained unregulated while the bureau lacked an official director.
"Now that Richard is your director, you can finally exercise the full powers that this agency has been given under the law," Obama said. "No longer are consumers left alone to face the risk of unfair or deceptive or abusive practices. Not any more."
Obama gave a "special shoutout" to Elizabeth Warren, the Harvard University professor who came up with the idea of the bureau. The White House bypassed Warren, a critic of the banking industry and lightning rod to Republicans, in favor of nominating Cordray to run the bureau. Warren is now running for the U.S. Senate.
The mention of Warren’s name drew big cheers from the crowd of 100 employees attending the speech at the main offices of the bureau, which now has a staff of around 800.
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