TOP STORIES
US JOBLESS RATE JUMPS TO 10.2%; 26-YEAR HIGH
U.S. unemployment rises more than expected in October to 10.2%, its highest level in more than 26 years, as nonfarm payrolls drop 190,000, with the largest job losses in construction, manufacturing, and retail trade. Economists had expected a 9.9% unemployment rate and 175,000 payrolls drop.
AIG SWINGS TO PROFIT, TOPS VIEWS
Government-controlled insurer posts 3Q profit of $455 million, or 68c a share, as operating income at its general-insurance business jumps more than six times. Excluding items, earnings of $2.85 a share come in above estimates, but shares fall 9%.
US WHOLESALE INVENTORIES FALL AGAIN IN SEPTEMBER
Monthly U.S. wholesale inventories are down again, shrinking 0.9% in September to $377.7 billion, less than the 1.0% dip expected by economists, as firms kept clearing their shelves of excess supplies accumulated in the economic slump.
US STOCKS LITTLE CHANGED AFTER JOBS DATA
U.S. stocks are little changed, bouncing between slight gains and losses, as the U.S. unemployment rate surges to a 26-year high. Declines are led by financials, including JPMorgan Chase and Bank of America.
US REELS AFTER ARMY PSYCHIATRIST KILLS 13 ON BASE
A U.S. Army major allegedly opened fire Thursday on fellow troops in the heart of the giant army base here, killing 13 people and wounding at least 30 in one of the worst incidents of soldier-on-soldier violence in U.S. military history.
FORD US RETAIL SHARE HIGHEST IN 3 YEARS
Auto maker's U.S. retail market share jumps to 14% in October, as new products continued to lure buyers into showrooms. The company cut its vehicle incentives during October anywhere from 25% to 40% from a year earlier.
GM CFO TO CHANGE JOBS; SUCCESSOR SEARCH NARROWS
Auto maker plans to move finance chief Ray Young to international operations, stationed in Shanghai. Company now faces the challenge of finding a new CFO, a job often commanding more than GM is allowed to pay.
CANADA SHEDS 43K JOBS; UNEMPLOYMENT UP
Canadian employment falls unexpectedly in October after two months of double-digit gains to push the jobless rate to a higher-than-expected 8.6%, a sign that the labor market is still weak as the economy recovers from recession.
DUOYUAN PRINTING TRADES DOWN IN IPO
The U.S. IPO market is closing out the week with a mixed pair of deals, as solar company STR Holdings rises and Chinese offset-machinery maker Duoyuan Printing declines in early trading.
SUPREME COURT MAY SET TOUGHER FUND-FEE STANDARDS
The feeling of some observers of Supreme Court arguments this week in a case brought by disgruntled investors is that the court will put pressure on mutual-funds to justify their fees.
REP FRANK SAYS FDIC WON'T LOSE POWER UNDER PLAN
House Financial Services Chairman Barney Frank says the Federal Reserve may lose some authority to a national banking supervisor under a proposal, but said the FDIC won't lose power in any final plan approved by Congress.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
FED WATCH
Jobs Report Shows No Pressure On Fed To Hike Rates
For all the inflation worriers chafing at the bit for a rate hike, the October jobs report shows why the Federal Reserve will be on the sidelines for a long time, Michael Derby writes.
BROKER'S WORLD
Merrill, Morgan Stanley Boast Top Recruiting
Merrill Lynch and Morgan Stanley Smith Barney are nearly neck and neck in October in the race for recruiting brokers. Wells Fargo had a slower but steady pace, while UBS Wealth Management U.S. made no effort to keep up.
============ U.S. MARKETS ACTION ===========
DJIA up 2.27 points to 10008.23
NASDAQ up 0.32 points to 2105.64
S&P 500 down 0.29 points to 1066.34
10-year T-note 100 31/32 at 3.507 yield up .064
NYMEX Spot Crude down $2.43 at $77.19/bbl
Dollar/Euro down 0.0024 at 1.4847