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PHILADELPHIA (AP) — Gov. Ed Rendell says a transit strike that shut down Philadelphia's buses, subways and trolleys for nearly a week is over. The governor announced early Monday that the Southeastern Pennsylvania Transportation Authority had reached an agreement with its largest labor union on new contract provisions to end the strike. About 5,000 Transport Workers Local 234 workers walked off the job early last Tuesday.
TOKYO (AP) — Asian stock markets rose Monday as investors took a surprisingly weak U.S. jobs report as a sign that interest rates in the world's largest economy will stay low longer than expected. The region's gains followed Wall Street, where stock indexes climbed modestly Friday after the government said the U.S. unemployment rate surpassed 10 percent last month for the first time since 1983.
SINGAPORE (AP) — Oil prices broke above $78 a barrel Monday in Asia as Hurricane Ida threatened oil installations in the Gulf of Mexico. Benchmark crude for December delivery was up 94 cents to $78.37 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
Stock market volatility is back, a signal to some experts that the powerful rally that started in early March may be coming to an end. The Dow Jones industrial average rose or fell more than 100 points in seven of the past 12 trading days, capped by a 205-point advance on Thursday that left the index almost 53 percent higher than its closing level on March 9.
WASHINGTON (AP) — The glow from a health care triumph faded quickly for President Barack Obama on Sunday as Democrats realized the bill they fought so hard to pass in the House has nowhere to go in the Senate. Speaking from the Rose Garden about 14 hours after the late Saturday vote, Obama urged senators to be like runners on a relay team and "take the baton and bring this effort to the finish line on behalf of the American people."
Of all the sinister things that Internet viruses do, this might be the worst: They can make you an unsuspecting collector of child pornography. Heinous pictures and videos can be deposited on computers by viruses — the malicious programs better known for swiping your credit card numbers. In this twist, it's your reputation that's stolen.
LOS ANGELES (AP) — Jim Carrey's Scrooge collected holiday donations from movie fans with his new take on "A Christmas Carol," which took in $31 million to open as the weekend's top movie. The Disney animated version of the Charles Dickens classic knocked the King of Pop out of the No. 1 spot as "Michael Jackson's This Is It" slipped to second place with $14 million, according to studio estimates Sunday.
LOS ANGELES (AP) — Northrop Grumman said Sunday it agreed to sell its advisory services business TASC Inc. to private equity firm General Atlantic LLC and affiliates of Kohlberg Kravis Roberts & Co. for $1.65 billion in cash. The No. 2 defense contractor says it will use the proceeds to fund a new $1.1 billion increase to its stock buyback program. At the end of the third quarter, the company had about $280 million remaining on its $2.5 billion share repurchase plan.
CHARLOTTE, N.C. (AP) — Investors will get some guidance about the economy this week from data issued not by the government, but by big retailers in the form of third-quarter earnings reports. The financial markets are still trying to get a sense of whether consumers, while worried about unemployment, are nonetheless willing to spend, especially as the holiday season approaches. Retailers' earnings reports and outlooks for the future should give them clues about the economic recovery. Investors will also get a first look at on consumer sentiment during November.
WASHINGTON (AP) — It hurts more to be unemployed now than the last time the jobless rate hit 10 percent. Americans have more than triple the debt they had in 1982, and less than half the savings. They spend 10 weeks longer off the job. And a bigger share of them have no health insurance, leaving them one medical emergency away from financial ruin.
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