NEW YORK (AP) — Stocks are rising this morning. A Labor Department report showing improvement in the jobs market and tough talk from German Chancellor Angela Merkel about the need for fiscal discipline in the European Union have investors in a mood to buy. The Dow jumped about 100 points in the first hour of trading. The broader indexes are also higher.
WASHINGTON (AP) — Today’s jobs report shows an unexpectedly large drop in the nation’s unemployment rate last month. The Labor Department says employers added 120,000 jobs in November. And officials again revised the figures for the previous two months upward. It all works out to an unemployment rate of 8.6 percent nationwide, the lowest level since March 2009.
BERLIN (AP) — German Chancellor Angela Merkel is calling for changes to the European Union’s basic treaty that would include stronger rules against overspending. Speaking to Germany’s parliament, Merkel says enforcing fiscal discipline is the only long-term answer to Europe’s debt crisis. Her tough words are boosting European stocks.
WASHINGTON (AP) — A congressional panel wants former Sen. Jon Corzine (KOHR’-zyn) to testify about his role leading MF Global. The investment firm collapsed after a disastrous bet on European debt, and regulators are investigating the disappearance of an estimated $1.2 billion from customer accounts. The House Agriculture Committee voted to subpoena Corzine for a hearing next week.
NEW YORK (AP) — Three cable companies are giving up on ambitions to create their own wireless network. Comcast, Time Warner Cable and Bright House Networks say they’ll resell Verizon Wireless service instead. There had been speculation that the cable companies would invest in ailing No. 3 and 4 carriers Sprint or T-Mobile USA, but the link with No. 1 Verizon appears to preclude that.