Oct 5 - Summary of business headlines: Investors cheer the surprise drop in U.S. jobless rate, but look ahead to start of earnings season; Remembering Steve Jobs. Carmen Roberts reports.
A strong jobs report fires up investors and sends the Dow and S&P 500 to their highest level in nearly five years. Wall Street ends off the highs of the day though, with the S&P and Nasdaq losing ground. For the week: blue chips gained 1.3 percent and the Nasdaq was up as well. Friday's pullback suggests the market may struggle next week as third-quarter earnings season begins. But the bright spot - for the moment - unemployment tumbles to 7.8 percent. That's the lowest since President Obama took office nearly four years ago. James Bianco at Bianco Research says both candidates are trying to score points with the report. SOUNDBITE: JAMES BIANCO, PRESIDENT, BIANCO RESEARCH (ENGLISH) SAYING: "The Obama administration will focus on 7.8 percent and 4 million jobs created since the low, and that they'll say they're on the right track, we're just moving lower." Romney's campaign will likely focus on the number of people out of work for six months or longer. SOUNDBITE: JAMES BIANCO, PRESIDENT, BIANCO RESEARCH (ENGLISH) SAYING: "I think the Romney camp is going to focus on things like the 4 million, excuse me the 2 million people that have been unemployed for more than 26 weeks, the high number of initial claims in state uninsurance benefits that are going out to people that can't find jobs too." Apple honors Steve Jobs on the first anniversary of his death by encouraging everyone to reflect on his extraordinary life and the ways he made the world better. Reuters Media File Columnist John Abell says Apple's co-founder will be remembered for creating the largest company on the planet. SOUNDBITE: JOHN ABELL, REUTERS COLUMNIST (ENGLISH) SAYING: "He created an organism that lives on and has thrived in the hands of his children, as it were. So, there isn't a greater legacy for him if he was around to savor it." Jobs was known for combining technology with design. That vision is still leading Apple today. Stocks in Europe powered higher as investors cheered the strong U.S. jobs report as a sign of global economic health. Carmen Roberts. Reuters