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10A Daily News – Friday, March 9, 2012 NEW YORK (AP) — The stock market posted substantial gains Thurs- day as Greece closed in on a deal to restructure its debt and avoid a default. That overshad- owed a small increase in unemployment claims last week. The Dow Jones indus- Stocks gain as Greek nears a deal on debt swap Wall Street try groups rose, led by materials companies. The Nasdaq compos- ite index rose 34.73 points, or 1.2 percent, to 2,970.42. A Greek government trial average closed up 70.61 points, or 0.6 per- cent, at 12,907.94. Two days of solid gains have erased about three-quar- ters of the losses from Tuesday, when the Dow fell 203 points, its biggest loss of the year. The close left the Dow up 97 percent since March 9, 2009, its low point during the Great Recession. Last week, the Dow closed above 13,000 for the first time since May 2008. The Standard & Poor's 500 index has more than dou- bled in three years. On Thursday, the S&P 500 added 13.28 points, or 1 percent, to 1,365.91. It has gained 22.80 points since Tuesday, its best two days since December. All 10 indus- official told The Associ- ated Press that more than 75 percent of investors in Greek bonds had agreed to exchange them for bonds with a lower face value and interest rate. Greece needs 90 per- cent of investors to par- ticipate to get a bailout of (euro) 130 billion, or about $173 billion, and avoid a default later this month that could rattle financial markets around the world. The Athens government will release final results Friday. The Greek crisis is ''starting to wind down, we hope,'' said Paul Powers, head of U.S. equity sales trading for Raymond James. ''It doesn't seem nearly as dire as it was a couple of weeks ago.'' The rally came despite a report from the Labor Department that the number of people seek- ing unemployment bene- fits rose slightly more than expected last week. The four-week average remained near a four- year low. The government reports Friday on how many jobs the U.S. econ- omy added in February and the unemployment rate. Economists expect 200,000 jobs were added. If the unemploy- ment rate falls from 8.3 percent, it would be the sixth straight decline. ''The trend here is that the job market has con- tinued to grind higher, and I don't see any rea- son why tomorrow's number shouldn't be a good one,'' said Phil Orlando, chief equity market strategist at Fed- erated Investors. He pointed to a private estimate of hiring released Wednesday that exceeded expectations, along with the unem- ployment claims figures, as good indicators for more positive news. Stocks rose around the world as optimism about the Greek debt deal took hold. In Europe, the FTSE 100 index of lead- ing British stocks closed up 1.2 percent. Ger- many's DAX and the CAC-40 in France both gained 2.5 percent. The euro rose almost a penny and a half against the dollar, to $1.328. In another sign of investor confidence in Europe, the yields on government bonds of both Italy and Spain both fell. Asian markets also rallied, ending a three- day losing streak. Japan's Nikkei Stock Average climbed 2 per- cent, Hong Kong's Hang Seng jumped 1.3 percent and China's Shanghai Composite Index rose 1.1 percent. The prospect of a suc- cessful bond swap in Greece also helped push oil prices higher. Resolv- ing the crisis would be good for the European economy, and demand could rise. Oil closed near $107 per barrel on investors reject the bond swap deal, the situation in Europe is clearly improving. ''A year and a half ago, the idea that private bondholders would take a hit wasn't even on the table,'' Gendreau said. Gendreau said the market's response to a possible Greek default would not be as harsh as last year, when some wondered whether the euro might collapse. He would expect ''fatigue and exasperation. But that's not the same as panic and crisis.'' Among stocks making the New York Mercantile Exchange. Gold prices also rose. The yield on the benchmark 10-year U.S. Treasury note rose to 2.01 percent from 1.98 percent late Wednesday. Brian Gendreau, mar- ket strategist for Cetera Financial Group, said that even if some of Greece's private big moves Tuesday: — Coach Inc. jumped 4.6 percent after the lux- ury accessories maker said it is sticking to its long-term sales goals. — McDonald's Corp. lost more than 3 percent after reporting slower growth in February. — American Interna- tional Group Inc. fell 1.1 percent after the U.S. government said it would sell $6 billion of the common stock it holds in the bailed-out insurer. Stock rally helps regain wealth lost in recession WASHINGTON (AP) — Americans are climbing further out of the hole they sank into during the Great Recession. A stock rally at the end of 2011 helped rebuild more of their lost wealth — a trend that carried into 2012. Households respond- ed by borrowing more for the first time since the financial crisis began, even as home values fell further. Household wealth rose 2.1 percent in the October- December quarter, the most in a year. Still, it would RANDAL S. ELLOWAY DDS IMPLANT DENTISTRY 2426 SO. 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''I don't have too much in my pocket. But I know it's coming. Things are only going to get better.'' Household wealth, or net worth, is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards. It bottomed out during the recession, at $49 billion in the first quar- ter of 2009. But it's still below its pre-recession peak of $66 trillion. Greater net worth can boost the economy. When people feel wealthier, they spend more. That speeds up growth and businesses respond by stepping up hir- ing and expansion plans. Arash Shirazi is spend- ing again after cutting costs during the recession. He says his portfolio has ''come back almost to what it was.'' He's even flying to Paris and thinking about growing his business. ''Things are getting bet- ter,'' said Shirazi, 37, who owns a music and talent agency in Washington. ''I'm not going on vaca- tions or buying new cars. But I'm definitely starting to spend a little more.'' Corporations are also wealthier. They held a record $2.2 trillion in cash at the end of the year. Still, few Americans are seeing returns on their Your tax experts 32 Years Plus Experience "Enrolled to practice before the IRS" Open Year-Round New Clients Welcome www.lassentax.com Enrolled Agents: Rose Hablitzel, EA Rex Cerro, EA (530) 527-8225 208 Elm St., Red Bluff All major Credit Cards accepted biggest investment. Home values dropped 1.3 percent in the fourth quarter to roughly $16 trillion. They have now fallen nearly 24 percent since the recession began. The housing market could pick up if the job market keeps strengthen- ing. The economy has added 200,000 net jobs on average in each of the months from November through January, lowering the unemployment rate to 8.3 percent. Economists predict employers added more than 200,000 jobs last month, too. The govern- ment will release the Febru- ary jobs report on Friday. 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