NEW YORK (AP) — Investors are no doubt in an upbeat mood this weekend after the stock market extended a New Year's rally on Friday. The S&P 500 rose seven points, closing at 1,466, its highest level in five years. The Dow Jones industrial average ended up 44 points higher at 13,435. The Nasdaq rose one point. Stocks got an early lift after a report showed hiring held up in December.
HONOLULU (AP) — President Barack Obama says he's willing to consider more spending cuts and tax increases to reduce the deficit. But in his weekly media address he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. In the Republican address, Congressman Dave Camp of Michigan said, "we must identify responsible ways to tackle Washington's wasteful spending."
NEW YORK (AP) — The Energy Department is reporting a much bigger drop in the nation's crude supplies than analysts expected. That sent the price of oil higher Friday. Benchmark crude for February delivery closed up 17 cents at $93.09 a barrel on the New York Mercantile Exchange. There were also some encouraging economic reports today that raised hopes for higher oil demand.
WASHINGTON (AP) — Federal regulators are suing JPMorgan Chase over the sale of mortgage securities that contributed to the collapse of three credit unions. The National Credit Union Administration's lawsuit alleges that Washington Mutual Bank gave a false picture of $2.2 billion in risky mortgage securities it sold to the three wholesale credit unions. JPMorgan acquired the failed Washington Mutual in 2008.
HANOI, Vietnam (AP) — Starbucks is opening its first cafe in Vietnam. The Seattle-based company says it'll be open for business next month in Ho Chi Minh City, part of its strategy to expand in Vietnam and throughout Asia. But Starbucks faces a unique scenario in Vietnam, where French-inspired coffee and culture reigns supreme. And many owners of smaller Vietnamese coffee shops say the price of a Starbucks coffee will be out of reach for many people.