NEW YORK: US stocks soared to new closing records on Friday after a strong US jobs report revived confidence in the economic recovery.
The Dow Jones Industrial Average was up 142.38 points (0.96 percent) to 14,973.96, after having breached the 15,000 mark earlier for the first time.
The S&P 500 finished at 1,614.42, up 16.83 points (1.05 percent), also setting a new record and crossing the 1,600 mark for the first time.
The tech-rich Nasdaq Composite Index ended at 3,378.63, up 38.01 points (1.14 percent).
The rise followed a US Labor Department report that showed the US economy added 165,000 jobs in April, well above market expectations.
Upward revisions for the prior two months also showed 114,000 more jobs were added than initially estimated.
"The reason the market is heading higher is because most people on Wall Street expect the fundamentals to improve as the year progresses," said Sam Stovall, chief investment strategist at Standard & Poor's.
Industrial companies were among the biggest gainers in the Dow, including Caterpillar (+3.2 percent), 3M (+1.7 percent) and Alcoa (+1.9 percent).
Insurer AIG gained 5.7 percent after reporting earnings late Thursday of US$1.34 per share, well above the 87 cents projected by analysts.
Food giant Kraft jumped 5.1 percent after the company beat earnings expectations in its quarterly report and said it was on track to "deliver every element of our 2013 financial guidance."
The company saw strong consumption growth in its Kraft Natural and Velveeta cheese brands.
Online networking firm LinkedIn sank 12.9 percent despite reporting earnings that bested expectations. Wall Street was unhappy with its second-quarter revenue forecast of US$342-US$347 million, down from the US$359 million projected by analysts. -- AFP
LOS ANGELES — A fast-growing wildfire along the Pacific Coast Highway northwest of Los Angeles that has already forced thousands of residents to flee the area jumped the roadway Friday morning, threatening parts of a premier U.S. naval installation.
Firefighters on the scene radioed that Naval Base Ventura County, which is backed up to the Pacific Ocean, should be advised that flames had leapt the iconic coastal highway that was the only barrier beween the fire and the facility.
The base said on its Facebook page that the airfield at Point Mugu remained open on a mission-essential basis and had not been evacuated, but base personnel were advised to stay indoors. Photos on the site showed smoke beginning to darken the skies at midmorning, but had not yet affected the housing area.
Kimberly Gearhart, public affairs officer at the base, issued a statement on Facebook page, but did not confirm that the fire had jumped the Pacific Coast Highway (PCH): "The base is NOT in immediate danger from the fire. If/when it crosses PCH, it will be far down the coast from NBVC Point Mugu,"
The naval base, with a population of more than 19,000 personnel, operates two runways, a sea-test range and deep-water port.
More than 10,000 acres of rugged, brush-covered terrain have been burned by the fire that began during the morning rush hour near the major highway and commuter route into Los Angeles' San Fernando Valley on Thursday.
Thousands of people have fled the area as the wildfire, which has damaged 15 homes, threatened 2,000 more and 100 businesses in its race toward Malibu.
Early Friday morning, the blaze was still raging and about 10% contained, local fire officials reported. Forecasters say winds gusting to 45 mph will hit Friday morning but taper off in the afternoon and cooling may begin by evening.
Tom Kruschke, Ventura County fire spokesman, said there is effectively a vast field of coals behind the flaming edges of the wildfire that could flare up when winds return.
"We're going to be at Mother Nature's mercy," Kruschke said.
He said high winds, high temperatures, low humidity, plus dry vegetation from the winter drought "adds up to a perfect storm for wildfire.''
California State University-Channel Islands, a school with nearly 5,000 students that opened in 2002, was evacuated. The Ventura County Fire Department said it had sent 20 fire engines to the campus to protect buildings as flames approached apartments on the eastern edge of the university campus.
Kruschke said that when firefighters first responded, the blaze was confined to 1 acre of brush by a major highway, U.S. 101, near Thousand Oaks and the Camarillo Springs community, but that it quickly expanded in size due to dry weather, high temperatures and winds gusting up to 50 miles an hour.
The cause of the fire is under investigation, he said.
State officials closed a 10-mile section of the Pacific Coast Highway between Las Posas Road in Ventura County and the Los Angeles County border because of the advancing flames.
More than 900 firefighters were battling the blaze. Earlier, TV news helicopter video showed recreational vehicles parked at a storage facility on fire. Separately, a farm equipment complex went up in flames, triggering small explosions of fire as the blaze engulfed containers of pesticides.
Ken Pimlott, director of the state Department of Forestry and Fire Protection, known as CalFire, said conditions are unusually dry for this time of year and create an environment in which fire, once triggered, spreads rapidly. He said much of California is experiencing dry conditions not normally seen until summer.
"The faucet just turned on with fire activity,'' he said in an interview. "We're going into a fire season in the beginning of May, with conditions we would normally see in mid- to late June.''
CalFire moved crews through the night, some to fires in Northern California and others into position around the Los Angeles area, he said.
A fire that broke out Wednesday near Banning in Riverside County was 40% contained by Thursday, with nearly 3,000 acres burned, CalFire said. Several fires were burning in the northern part of the state, including a blaze in Tehama County that had burned 2,000 acres and was only 10% contained, according to the department.
Contributing: Doug Stanglin, USA TODAY; Associated Press
The National Rifle Association is gathering in Houston Friday for its first annual meeting since successfully fending off a major push by President Barack Obama and a number of lawmakers to tighten the nation's gun laws.
An expected 70,000 members of the gun-owners association are arriving in the "Bayou City" for a gun expo and speeches. They'll vote for new NRA leaders have the chance to attend seminars ranging from tips on how to carry a concealed handgun to "advance sausage processing.'' The group says it is playing host to "nine acres of the latest and greatest in guns and gear."
The NRA is also using the event to flex its political muscles. The group bills Friday's Leadership Forum as "a critical campaign stop for any serious contenders for the White House, Congress or any of our nation's governorships who support our Second Amendment freedoms." A partial list of those speaking on Friday reads like a who's-who of presidential ambition, past and future: Texas Gov. Rick Perry, Louisiana Gov. Bobby Jindal, Sen. Ted Cruz of Texas, former Gov. Sarah Palin of Alaska and former Sen. Rick Santorum. All are Republicans.
Expect the speakers to warn that defenders of gun rights cannot become complacent after their recent victory in Congress, in which they turned back efforts by Mr. Obama and a largely Democratic set of senators to expand the number of gun-buyers subject to background checks. Democrats also unsuccessfully pushed a ban on semiautomatic rifles known as assault weapons, and a ban on large ammunition clips.
There may be cause for the NRA to remain on guard. Recent polling gives tentative signs that voters are unhappy with some of the senators who voted against an expansion of background checks. The Democratic firm Public Policy Polling, for instance, has found indications that Democratic Sens. Kay Hagan of North Carolina and Mary Landrieu of Louisiana, who are running for re-election next year in GOP-leaning states, helped their chances by backing broader background checks for gun sales. PPP also pulled together data that, it says, suggest that senators who voted against the background-check expansion are seeing a backlash from voters.
So far, however, there is no sign that any of those senators is looking for a way to revisit any of the gun-control proposals. But the NRA is sure to warn that gun-control advocates will keep trying. They could point to this story, posted Friday morning by Politico, that says Vice President Joe Biden is gearing up for a new push.
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