Associated Press

The bank's failure arrived with incredible speed, with some industry analysts on Friday suggesting it was still likely a wise investment.

Employers added a higher-than-expected 311,000 jobs, while unemployment rose from 3.4% to 3.6%.

The increase is smaller than previous rate hikes but marks the Fed's eighth hike since March in its fight to tame inflation.

Though smaller than its previous three-quarter-point hikes, the move will further heighten the costs of many consumer and business loans.

The Federal Trade Commission said Microsoft's planned takeover could suppress competitors.

The U.S. House moved urgently to head off the looming nationwide rail strike on Wednesday. The measure now heads to the Senate.

The strongest gains were in health care and manufacturing. The 261,000 jobs added beat expectations.

The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes.

Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year.

Production will be cut by 2 million barrels per day, starting in November.