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Stocks extend gains: Rally seems to be cooling off, however. Dow is up about a dozen points.
Higher gas prices: This week's Richmond fire is already having an impact at the retail level - an average gallon of regular in the L.A. area rose more than a nickel overnight, to $3.956, according to the Auto Club.
Jobless claims fall: Weekly filings for unemployment benefits dropped by 6,000 to 361,000. Numbers had been bouncing around in July because of seasonal distortions. (AP)
Drop in foreclosures: California filings fell 11 percent in July from a month earlier and 25 percent from a year earlier, according to RealtyTrac. Bank repossessions in the state were down 44 percent from 2011. (press release)
Obama loses Wall Street support: Goldman Sachs employees, which sided with President Obama in big numbers four years ago, are moving into the Republican column. From Bloomberg:
That's the biggest switch among the 25 companies whose employees have given the most to candidates and parties since 1989, according to data through June 30 compiled by Bloomberg from the Center for Responsive Politics, a Washington-based research group that tracks campaign donations. Goldman isn't alone; 13 of the companies' employees are now giving more to Republicans after backing Democrats four years ago. "A switch in party preference of this magnitude is virtually unheard of among major companies with an established presence in Washington," said Rogan Kersh, provost at Wake Forest University in Winston-Salem, North Carolina.
L.A. rent inflation: June's 2 percent increase compared with a year earlier is the biggest jump in three years. L.A.-area rents have been going up on an annual basis for 22 straight months. (OC Register)
Broad suspends MOCA payments: The money will be withheld until the Museum of Contemporary Art exhausts the $2.1 million in grants that haven't been put toward exhibitions. From Bloomberg:
When MOCA's endowment hit a low of $5 million in late 2008 Broad agreed to give $15 million to replenish it, provided matching funds could be obtained. He has paid $6.25 million of that, according to [Broad spokeswoman Karen] Denne, and the endowment currently stands at $20 million. The museum hasn't matched more of Broad's funds. "We made a conservative, near-term decision this year to maintain maximum flexibility in our operations by keeping cash in reserve rather than increasing the endowment," said David G. Johnson, MOCA board co-chairman, in a March statement.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.