Jobs data boosts stocks
NEW YORK, Nov. 5 (UPI) -- A better-than-expected jobs report pushed U.S. stocks higher Friday but Treasury bonds suffered as investors worried about next week's Fed meeting.
The Dow Jones industrial average added 72.78 or 0.71 percent to finish the week at 10,387.54 while the Nasdaq added 15.31 or 0.76 percent to 2,038.94 in heavy trading. The Standard & Poor's 500-stock index was up 4.50 or 0.39 percent to 1,166.17.
News that non-farm payrolls grew by a 337,000 last month fueled the rally. The figure was twice what economists had been expecting and more than twice the increase recorded in September. Analysts said the gain validated the Federal Reserve's view the economy is improving.
Bonds fell with the 10-year Treasury falling 30/32, or nearly $10 for each $1,000 invested. The yield rose to 4.18 percent.
The dollar fell to 105.595 yen, down from 106 yen while the euro rose to $1.2968 from $1.2872.
Overseas, Tokyo's Nikkei 225 Stock rose 115.50 points or 1.1 percent to 11,061.77. London's FTSE 100 closed at 4,739.80 after rising 11.50 or 0.24 percent.
NYMEX crude ends week on up note
NEW YORK, Nov. 5 (UPI) -- New York crude futures settled 79 cents higher Friday but remained under $50 per barrel.
The move up on the New York Mercantile Exchange appeared to reflect uncertainty in the Middle East surrounding the health of Yassar Arafat and encouraging reports on the United States' economy.
December crude settled at $49.61 per barrel while gasoline and heating oil picked up a fraction of a cent to settle at $1.286 and $1.374 per gallon, respectively.
NYMEX natural gas lost 24.5 cents to $7.954 per million British thermal units.
Wendy's fires 'Mr. Wendy' spokesman
DUBLIN, Ohio, Nov. 5 (UPI) -- Dublin, Ohio-based Wendy's said it is firing its spokesperson, Mr. Wendy, at the end of November, and refocusing attention back on to its food.
The hamburger chain's ad agency, McCann Erickson, is working on a new campaign.
Wendy's founder Dave Thomas represented the restaurant chain for more than a decade before his death a few years ago.
Wendy's Old-Fashioned Hamburgers was founded Nov. 15, 1969, and is the third-largest quick-service hamburger chain in the world, with more than 6,500 restaurants in North America and international markets.
Mortgage rates inch higher
MCLEAN, Va., Nov. 5 (UPI) -- U.S. mortgagor Freddie Mac said Friday mortgage rates inched higher during the week ended Thursday.
Freddie Mac said the popular 30-year fixed-rate mortgage rose to 5.7 percent, with an average 0.6 points, up from last week when it averaged 5.64 percent. Last year at this time, the 30-year loan averaged 5.94 percent.
The average for the 15-year loan rose to 5.08 percent, with an average 0.6 points, also up from last week when it averaged 5.01 percent. A year ago, the 15-year loan averaged 5.26 percent.
One-year Treasury-indexed adjustable-rate mortgages rose to 4 percent this week, up from last week when it averaged 3.96 percent. At this time last year, the one-year averaged 3.74 percent.
"The slight increase in mortgage rates this week was due in large part to volatility in long-term bond yields," said Frank Nothaft, Freddie Mac chief economist.
"The uncertainty in bond yields reflected weakness in the manufacturing industry that was offset by economic reports of strength in the service sector."
