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11/06/2009 1:17 PM

Afternoon Business Brief

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Stock prices have edged slightly higher after initial weakness. Investors initially took stocks lower on news of a bigger-than-expected jump in the unemployment rate.
  • The unemployment rate has hit double digits for the first time since 1983 and analysts expect it to go higher still. The jobless rate rose to 10.2 percent as employers cut some 190,000 jobs.
  • President Barack Obama has signed into law a $24 billion economic stimulus bill. It provides tax incentives to prospective homebuyers and extends unemployment benefits to the longtime jobless.
  • The world's top financial officials are trying to create a blueprint for securing future global growth.  Meeting in Scotland, they're also working to break a deadlock over who bears the cost of fighting climate change.
  • Oil prices have tumbled. Benchmark crude for December delivery gave up $2.57 to trade at $77.05 a barrel on the New York Mercantile Exchange.
     





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