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Friday Afternoon Business Brief

October 5, 2012, 1:24 PM

Friday Afternoon Business Brief

Stock prices have been on the rise today, lifting the market to its highest level in nearly five years. Both the Dow and the S&P were above levels last seen in December 2007.

  • President Barack Obama says an encouraging jobs report shows that the country has made too much progress to turn back to the policies that he says led the nation into an economic crisis. The Labor Department reported that the jobless rate slipped to 7.8 percent, the lowest since he took office in 2009. Republican rival Mitt Romney says Obama still hasn't done enough to create jobs.
  • A new estimate from the Congressional Budget Office says the deficit for the just-completed 2012 budget year was $1.1 trillion. That would be the fourth straight year of trillion dollar deficits.
  • The Food and Drug Administration says salmonella has been traced back to a New Mexico plant where nut butters are made for Trader Joe's and several other grocery chains. Trader Joe's peanut butter is now linked to 35 salmonella illnesses in 19 states.
  • Anglo American Platinum has fired 12,000 striking miners for staging an unlawful strike that is one of several that are paralyzing South Africa's crucial mining sector. About 80,000 miners, representing 16 percent of the country's mine workforce, are taking part in wildcat work stoppages that have major economic and political implications for South Africa.

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