Pa. governor: Philly transit strike could end soon (AP)
A tentative contract agreement has been reached that could end the public transit strike that has idled Philadelphia's subways, buses and trolleys for four days, Gov. Ed Rendell said late Friday. Banks in Ga., Mich., Minn., Mo., Calif. closed (AP)
Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans. Consumer borrowing drops $14.8B in September (AP)
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. Freddie Mac loses $6.3B in 3Q (AP)
Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion. Obama signs bill assisting homebuyers, jobless (AP)
President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective homebuyers and additional jobless benefits to those idled by the business slump. Stocks post modest gains as job losses slow (AP)
Investors undaunted by a surprisingly weak jobs report found enough positive news to nudge stocks higher Friday. News that the nation's unemployment rate rose above 10 percent last month for the first time in 26 years didn't derail the stock market's strong gains in the week, which lifted major indexes more than 3 percent.