Stocks surge after Bernanke allays taper fear

Call it the Bernanke Boost. 1373582880

US unemployment benefit applications rise to 360K

The number of people applying for U.S. unemployment benefits rose 16,000 last week to a seasonally adjusted 360,000, although the level remains consistent with steady hiring.
Stocks jump after Fed keeps stimulus in place

The stock market is rising to record highs after Federal Reserve Chairman Ben Bernanke said the central bank would continue to support the U.S. economy.
Low-wage food workers stage one-day strike at Smithsonian museums

Jonathan Ross, a restaurant worker at one of the famous Smithsonian Institution museums, went on a one-day strike Thursday because he’s tired of trying to support himself and his 15-year-old daughter on $10,000 per year without benefits. 1373579267
Former Ford CEO Philip Caldwell dies at age 93

Philip Caldwell, the first person to lead Ford Motor Co. who wasn't a member of the founding family, died Wednesday at his home in New Canaan, Conn., at the age of 93. 1373569757
Duke announces her departure from Fed board

Elizabeth Duke announced Thursday that she will step down from the Federal Reserve's board in Washington at the end of August.
Chinese police say Glaxo employees bribed doctors

China's police ministry accused executives of pharmaceutical supplier GlaxoSmithKline on Thursday of conducting a large, long-running bribery campaign to persuade doctors to prescribe drugs.
Discount store revenue comparisons for June

Summary of revenue at stores open at least a year in June for discount chains, with percentage increase or decrease over the same month last year. 1373573835
Retailers report strong gains for June

June sales heated up for stores, in a sign that Americans likely will continue to spend during the important back-to-school shopping season. 1373577780
News Summary: Home repossessions declined in June

REPOSSESSIONS FALL: Foreclosure listing firm RealtyTrac says that the number of U.S. homes repossessed by lenders fell nearly 9 percent in June from the previous month. Repossessions declined 35 percent from a year earlier.
US Sen. Warren pushing bill to rein in bank risks

Massachusetts' U.S. Sen. Elizabeth Warren is trying to make good on a key campaign pledge to protect consumers from Wall Street gambles. 1373577779
Airlines: On-time rankings for May

By airline, the percentage of domestic flights arriving within 14 minutes of schedule in May:
Business events scheduled for the coming week

MONDAY, July 15
News Summary: House OKs scaled-down farm bill

THE NEWS: The House passed a scaled-down version of a massive farm bill, putting off a fight over food stamp spending and giving Republican leaders a victory after a decisive defeat on the larger bill last month. 1373575859
Members of the Federal Reserve board in Washington

Elizabeth Duke announced Thursday that she will step down from the Federal Reserve's board in Washington at the end of August.
Bank of Japan more upbeat about economic recovery

Japan's central bank Thursday upgraded its assessment of the economy's prospects after earlier this year implementing an ambitious monetary policy aimed at boosting inflation and growth.
Business Highlights

--- 1373580761
News Summary: US rate on 30-year loan at 4.51 pct.

RATES RISE: The average U.S. rate on the 30-year fixed mortgage rose this week to 4.51 percent, a two-year high. Rates have been rising on expectations that the Federal Reserve will slow its bond purchases this year. 1373567456
US airlines' on-time rating drops again in May

Summer travelers should pack plenty of patience: More flights are running late this year than in 2012.
How states fared on unemployment benefit claims

U.S. unemployment benefit applications rose 16,000 last week to a seasonally adjusted 360,000. Still, that level is consistent with steady hiring. Applications are usually volatile in early July as school shutdowns and brief closures of auto factories lead to temporary layoffs.