IBD's Top 10 - Friday

• Investor's Business Daily
• On 6:54 pm EDT, Friday October 2, 2009

U.S. Lost 263,000 Jobs In Sept.

1 Payrolls fell far more than Wall St. views for 175,000 and up from Aug.'s 201,000 -- at least interrupting the trend of smaller job cuts. The jobless rate crept up to 9.8%, a fresh 26-year high. It would be much higher if the labor participation rate hadn't fallen to a 23-year low. Sept. economic data have been weaker than expected, raising doubts about the U.S. recovery.

Stocks Fall For 4th Straight Day

2 The major averages opened lower on the weak jobs data, rallied for a while, then drifted lower in light trade after Thu.'s big losses. The NYSE fell 0.7%, the Nasdaq and the S&P 500 0.5%. The Dow lost 0.2%. All clocked their lowest weekly close since early Sept., ending in a firm test of support at their 50-day lines.

Senate Panel Wraps Health Bill

3 The Finance Committee ended work very early Fri. on Chairman Max Baucus' health care proposal. A final panel vote is likely this week after the CBO scores the revised bill. The members eased the impact of a tax on high-cost insurance plans while exempting or reducing penalties for people who don't get insurance. The legislation will be merged with a more liberal Senate bill.

Obama, Top Afghan Gen'l Meet

4 Pres. Obama briefly met with Stanley McChrystal, commander of NATO and U.S. forces in Afghanistan, on Air Force One before flying home from Denmark. The general has said the military situation is "deteriorating" and wants up to 40,000 more troops. With top Dems objecting and the public weary, Obama is taking his time deciding.

Chicago Loses? Blame It On Rio

5 Huge crowds celebrated in Rio de Janeiro after the Brazilian city was awarded the 2016 Summer Olympics. Chicago, which had been seen as slight favorite, was surprisingly knocked out in the first round, despite Pres. Obama's presence. The city of beaches and carnival will be the first S. American city to host any Olympics, trumping fears about crime. Rio also beat out Madrid and Tokyo.

Greenspan Calls For Tax Hikes

6 Ex-Fed Chairman Alan Greenspan said budget deficits are so large that the U.S. must mull tax hikes. He said a value-added tax is "the least worst way." Common in Europe, a VAT is a sales tax levied at each business transaction. It can raise a lot of revenue in a way that taxpayers don't fully see -- disturbing conservatives. But many liberals oppose it because it's regressive.

GE Confirms Talks On NBC Unit

7 CEO Jeffrey Immelt said GE (NYSE:GE - News) is holding talks on partnerships or an IPO for its NBC Universal unit. That follows reports that Comcast (NasdaqGS:CMCSA - News) is mulling a partial or controlling stake. Analysts are mixed on that idea, with Barclays not impressed, but Wells Fargo upgrading the cable giant. Meantime, Time Warner (NYSE:TWX - News) said it isn't interested in NBC Universal. Comcast fell 3%. GE fell 4%.

Review: FINRA Needs Reform

8 The brokerage industry's self-policing body must reform to protect investors after its inspections failed to uncover Bernard Madoff's Ponzi scheme and the alleged fraud by Allen Stanford, a review committee said. The panel's recommendations include improving data sharing between the Fin'l Industry Regulatory Authority and the SEC.

A Good Week For Crude, NatGas

9 Weak jobs data stirred fears of soft energy demand, sending oil as low as $68.27 a barrel, but it ended off just 87 cents at $69.95 -- a 6% weekly gain. The dollar's early rally faded, aiding commodities. Dec. gold rose $3.60 to $1,004.30 an ounce after sinking to $987 intraday. Natural gas rose 6% Fri. and 19% for the week as winter looms.

Education Mgmt. Up In Debut

10 The for-profit college operator shot up 21% to 21.77, a day after Education Management's IPO priced at $18 a pop, the low end of its expected range. Echo Global Logistics , which provides online systems that manage truck, train and air shipping logistics, rose 6 cents to 14.06 in its debut. IPO activity has picked up along with the general market, with more on the way.

Buzz up!