U.S. stocks on Friday soared, driven by a jobs report that reassured investors the economy is on track to grow. A consensus-topping services sector report provided an extra boost to stocks. The Dow Jones Industrial Average jumped 217 points, or 1.7%, to 13,096. The index rose 0.2% for the week. The S&P 500 closed up 26 points, or 1.9%, to 1,391, gaining 0.4% for the week. The Nasdaq advanced 58 points, or 2%, at 2,968, closing 0.3% higher last week.
Knight Capital Group (KCG - Get Report) is discussing a possible rescue involving TD Ameritrade (AMTD), Getco and other investors, according to a report. Under the plan being discussed, TD Ameritrade and Getco would be the primary investors in a consortium of more than six entities that would provide a total of $400 million in capital to Knight, The Wall Street Journal reported. A Knight representative declined to comment, the Journal said. Knight, the Jersey City, N.J-based market maker, last Wednesday suffered a software glitch that caused it to send out erroneous trading orders. On Thursday, the company announced it had suffered a $440 million pretax loss as a result. Under the consortium plan, the investors would purchase debt that would convert into stock at $2.50 a share, the Journal report said.
The U.S. attorney's office in Los Angeles is investigating whether Las Vegas Sands (LVS - Get Report) violated money-laundering laws by not reporting money transfers to its casinos from two big gamblers, according to the Journal.
International Airlines Group, the owner of British Airways and Spanish airline Iberia is considering the case for buying a minority stake in American Airlines (AAMRQ.PK) to expand their commercial partnership and ensure that American remains part of Oneworld, the global airline alliance, reported The Financial Times.
Chesapeake Energy (CHK - Get Report) is expected by analysts Monday to post fiscal third-quarter earnings of 8 cents a share on revenue of $2.5 billion.
Tyson TSN (TSN - Get Report), the meat and chicken processor, is expected Monday to post a profit of 55 cents a share on revenue of $8.75 billion.
NASA's Curiosity rover touched down safely on Mars Monday beginning a two-year mission to probe areas of the Red Planet to determine whether conditions are favorable for life.
China leads the U.S. by one Monday in the Olympics medal count, 61 to 60. Chinese athletes have won 30 gold medals; U.S. athletes have won 28. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.