NEW YORK (AP) — Stocks are edging higher in afternoon trading, after the Dow and the S&P 500 established new closing highs yesterday. The government’s monthly jobs report fell just short of Wall Street’s expectations, but still showed solid job growth for the ninth consecutive month. Oil prices are rising. Benchmark U.S. crude was up more than a dollar, trading above $79 a barrel on the New York Mercantile Exchange.
WASHINGTON (AP) — President Barack Obama says today’s jobs report shows the economy has some momentum, and it’s now up to him and Congress to build on it. Obama is meeting with congressional leaders for the first time since Republicans seized-controlled of the Senate in Tuesday’s midterm elections. The president says Americans are frustrated with gridlock, and he and the Republicans need to find areas where they might work together in the new year.
WASHINGTON (AP) — Federal regulators are raising concerns about continued heavy risk in large loans made by banks and other financial institutions. In an annual review, the Federal Reserve and other agencies say more than 10 percent of large loans outstanding are deemed risky, double the levels before the financial crisis. A large portion of that is leveraged loans — loans made to investment firms for financing corporate takeovers. The review finds “serious deficiencies” in credit standards for making leveraged loans and managing their risk.
DETROIT (AP) — A federal judge has approved Detroit’s plan to get out of bankruptcy by cutting pensions, erasing billions of dollars of debt and promising nearly $2 billion in better services for the city. Detroit’s exit from the largest public bankruptcy filing in U.S. history took less than 16 months, lightning-fast by bankruptcy standards. The success is largely due to a series of deals between the city and major creditors, especially general retirees who agreed to accept smaller pension checks.
WASHINGTON (AP) — The Supreme Court has agreed to hear a new challenge to President Barack Obama’s health care law. The justices will decide whether the law authorizes subsidies that help millions of low- and middle-income people afford their health insurance premiums. The justices upheld the heart of the law in a 5-4 decision in 2012.
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