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Markets rally...Oil prices continue climb... Airlines set to merge

Saturday - 12/7/2013, 2:31pm  ET

NEW YORK (AP) -- The strengthening job market is focusing investors on the nation's improving economy instead of the near-term future of the Federal Reserve's stimulus. After a five-day losing streak, the stock market rallied yesterday. The Dow closed up 199 points, or 1.3 percent, to 16,020. The S&P 500 rose 20.06 points, or 1.1 percent, to 1,805. And the Nasdaq climbed 29 points.

UNDATED (AP) -- Signs of a stronger job market in the U.S. are pushing the price of oil higher. It rose again yesterday, finishing the week with a gain of more than 5 percent. Benchmark crude for January delivery rose 27 cents at $97.65 a barrel in New York. Oil gained $4.93 a barrel for the week. Motorists can see the gains at the pump. The average price of a gallon of gas rose 1 cent to $3.26.

NEW YORK (AP) -- American Airlines is set to close its merger with US Airways on Monday. A federal judge in New York refused to block the combination on Friday. She said a bankruptcy judge had correctly rejected arguments made by a lawyer for some consumers. The lawyer had said the deal would harm fliers because it would result in less competition and higher prices.

SAN JOSE, Calif. (AP) -- Apple wants Samsung Electronics to pay $22 million of the legal bills that the iPhone and iPad maker has rung up so far defending its mobile device patents in a legal showdown with its rival. The money sought in court documents would be in addition to the $930 million in damages that juries decided Samsung owes Apple after hearing evidence in two separate trials

NEW YORK (AP) -- A federal judge in New York is questioning why it took so long for the government to go after a rogue trader with Goldman Sachs. Judge William Pauley also accused Goldman of failing to fully disclose the misconduct of the former trader, Matthew Taylor. The remarks came yesterday as Pauley sentenced the 35-year-old to nine months in prison for wire fraud.

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