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Businesses Slashed 48,000 Jobs
1Businesses shed jobs for a third straight month, pushing the unemployment rate back to an 8-year high of 6% from 5.8% in March. The hard-hit factory sector let another 98,000 workers go in April. The services sector gained 25,000 jobs. The economy has lost over half a million jobs this year, with 8.8 million now idle. More on this page, A2
Market Optimists Have Busy Day
2The Nasdaq and S&P 500 rose to their third straight week of gains as investors bet on an economic recovery. The Dow and S&P 500 each rose 1.5% for the day on robust trade. The Nasdaq, up 2.1%, closed at its high for the year and just 19 points shy of a 10-month peak. Airline and e-commerce stocks led winners. More on this page, B2
Campaign Finance Law Upended
3A federal court struck down most of a ban on the use of large corporate and union contributions by political parties, casting doubt on the future of the new campaign finance law. The court made its ruling effective immediately. It also ruled unconstitutional sweeping new restrictions on election-time political ads by special-interest groups.
Fed Rate Change Seen Unlikely