Good news pushes Dow to record, close to 18,000

U.S. stocks rose to records, with the Dow Jones Industrial Average climbing within 10 points of 18,000, as better-than-estimated payrolls data overshadowed declines in energy shares.

JPMorgan Chase & Co. and Goldman Sachs had the biggest gains in the Dow as banks rallied. Starbucks jumped 2.8 percent to a record.

The Standard & Poor’s 500 Index added 0.2 percent to 2,075.37 at 4 p.m. in New York. The Dow rose 58.69 points, or 0.3 percent, to 17,958.79. The Russell 2000 Index climbed 0.8 percent.

Subaru to apply for credits to move its base 4 miles

Subaru says it is applying for $118 million in state tax credits from New Jersey to move its headquarters about 4 miles.

The plan would keep the company in New Jersey, and move it from suburban Cherry Hill to Camden, one of the nation’s most impoverished cities.

The company joins a stream of other firms, including nuclear plant component maker Holtec International, Lockheed Martin and the Philadelphia 76ers in seeking state aid to establish outposts to Camden.

Exports rebound to help trade deficit move lower

The U.S. trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years.

The deficit edged down 0.4 percent to $43.4 billion, a drop from a revised $43.6 billion in September, the Commerce Department reported Friday.

Exports climbed 1.2 percent to $197.5 billion, recovering after a September dip. Imports were up as well, rising 0.9 percent to $241 billion.

Through October, the deficit is running 4.8 percent below the same period in 2013. A lower deficit provides a boost to economic growth.

Borrowing increases as consumer debt hits record

U.S. consumers increased their borrowing in October but at a slightly slower pace than in the previous month as credit card use slowed.

Overall borrowing rose $13.2 billion following a $15.4 billion gain in September, the Federal Reserve reported Friday. The gains have pushed consumer debt excluding real estate loans to a record level of $3.28 trillion. The category that includes credit card debt edged up by $922 million after a rise of $1.4 billion in September. The category that covers auto loans and student loans jumped by $12.3 billion after a $14 billion increase in September.

Economists expect that the strong gains in employment seen this year may make consumers more comfortable about increasing their use of credit cards, something they cut back on sharply following the Great Recession.

– From news service reports