Friday morning headlines

Stocks keep climbing: A big drop in the jobless rate (see earlier post) is keeping hope alive. Dow is up about 100 points.

Big drop in gas prices: They haven't been this low since February (though they're still pretty high). An average gallon in the L.A. area is $3.687, a drop of about seven cents, according to the Auto Club.

Jump in taxable sales: Californians are resuming their spending habits - statewide taxable sales were up 8 percent in the third quarter compared with a year earlier. (Sacramento Bee)

Big banks sued on foreclosures: The Massachusetts attorney general is accusing them of unfair and deceptive business practices - and it seems to diminish the chances of a comprehensive nationwide settlement. From the NYT:

The attorney general, Martha Coakley, and her investigators contend that the banks improperly foreclosed on troubled borrowers by relying on fraudulent legal documentation or by failing to modify loans for homeowners after promising to do so. The suit also contends that the banks' use of MERS "corrupted" the state's public land recording system by not registering legal transfers properly. "There is no question that the deceptive and unlawful conduct by Wall Street and the large banks played a central role in this crisis through predatory lending and securitization of those loans," Ms. Coakley said at a news conference announcing the lawsuit.

L.A. sues marijuana dispensaries: The city attorney wants nine of them closed because they are located too close to schools, a violation of state law. From the LAT:

It is unclear how many dispensaries Los Angeles has, but 372 marijuana businesses filed by the Oct. 31 deadline to begin paying the city's 5% business tax on gross receipts. City officials estimate that there were once as many as 850, but they believe the number has since dropped. Recently, however, more have started to open, irritating neighborhood councils.

Villaraigosa heading to Asia: Trade mission includes local business and political leaders and will include visits to China, South Korea and Japan. Trip will run $295,000, to be paid by Los Angeles World Airports and the Port of Los Angeles (the business people are paying their own way). (Daily News)