UNITED STATES

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World Market Overview 04/03/2011

U.S. stocks rallied on Thursday as stronger than expected initial jobless claims data and an easing of oil prices after reports of a possible peace deal in Libya buoyed sentiment.

Gross urges slow pace of deficit cuts

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Bill Gross, co-chief investment officer of PIMCO, the world's biggest bond fund manager, on Thursday urged lawmakers to cut the massive federal deficit but not so swiftly as to choke off the nascent U.S. economic recovery.
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Data points to strengthening growth, jobs

The number of Americans filing new claims for jobless aid hit the lowest level in more than 2-1/2 years last week and service sector hiring picked up in February, signs the labor market recovery was quickening.
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Oil reserves give price safety valve: Geithner

Rich nations could tap strategic oil reserves if needed to ward off the risk that Middle East political unrest triggers an inflationary price spiral, Treasury Secretary Timothy Geithner said on Thursday.
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Full Text: Newt Gingrich on Smaller Government, 2012 Presidential Aspirations

The following is a transcript of a press conference on March 3, 2011 at the Georgia State Capitol with former House Speaker Newt Gingrich where he discusses an initiative to reduce the size of the federal government by creating a 'Tenth Amendment Implementation Act' and his plan to explore a possible presidential run in 2012.
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Fed needs vigilance on inflation: officials

The Federal Reserve Bank should continue to flood the economy with cheap money to fight high unemployment, but policymakers must stay on watch for signs of inflation, two top Fed officials said on Thursday.
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Hard time for Iraqi refugees in weak U.S. job market

Fleeing after years of war in Iraq, many refugees arriving in the United States can't find the jobs they need to rebuild their lives. Unemployment among Iraqi refugees is estimated at nearly three times the national average of 9 percent, and up to 2,000 of those who arrived in the past four years may have left for other countries.
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Jobs data optimism fuels Wall St rally

Investors betting on a big gain in U.S. payrolls pushed Wall Street to its best one-day rally in three months on Thursday, but weak volume lingers as a concern for those hoping for another leg higher.
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PIMCO's Gross urges slow pace of deficit cuts

Bill Gross, co-chief investment officer of PIMCO, the world's biggest bond fund manager, on Thursday urged lawmakers to cut the massive federal deficit but not so swiftly as to choke off the nascent U.S. economic recovery.
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Wall St jumps in big payrolls bet

Investors betting on a big gain in U.S. payrolls pushed Wall Street to its best one-day rally in three months on Thursday, but weak volume lingers as a concern for those hoping for another leg higher.
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Obama, Calderon reach deal in trucking dispute

President Barack Obama said on Thursday the United States and Mexico had agreed on a way to solve a long-simmering cross-border trucking dispute that has hurt trade between the two neighbors.
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DreamWorks options movie rights to WikiLeaks books

The DreamWorks studio has optioned movie rights to a pair of books about WikiLeaks founder Julian Assange and his controversial Website that is bent on revealing government secrets, company officials said on Thursday.
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Small firms created jobs in February

Small U.S. firms began creating jobs in February after years in which employment was shrinking, the National Federation of Independent Business said on Thursday in the latest sign of firming job markets.
A video grab provided by KTLA.com taken from video shot by George Holliday is seen from the origianl broadcast of the video on KTLA-TV on March 3, 1991.

The Rodney King Beating 20 Years Later - Its Impact on LAPD

A beating by Los Angeles police of motorist Rodney King caught on video twenty years ago triggered a national debate on racism and police brutality, and prompted an investigation that laid the groundwork for closer civilian supervision of the Los Angeles Police Department.
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Oil falls as market eyes Libya plan

Oil prices retreated from near 2-1/2 year highs on Thursday as traders took profits after Venezuela pitched a plan to resolve the Libyan crisis, despite deep skepticism about whether it would work.

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