Friday morning headlines

Stocks hover higher: Slow-motion rally continues - Dow up 5 points.

Facebook keeps falling: After yesterday's drubbing, the stock is down another 2.2 percent, to $19.42.

Apple shares hits new high: The stock had been on a four-month slide over concern about new products. (AP)

California gains 25,200 jobs: July's payroll additions are the most of any state and follow strong gains the month before. The jobless rate remain unchanged at 10.7 percent. I'll have more later. (BLS)

Gas prices peaking?: No change overnight - the average price of regular in the L.A. area is $4.115, according to the Auto Club, though prices are up about 25 cents a gallon since the Richmond refinery fire. From press release:

"Southern California gas prices have actually only risen by about two cents since Sunday, and most of the week-to-week increase occurred last Friday and Saturday," said Auto Club spokesperson Jeffrey Spring. "With the refinery still partially open, it appears that wholesale gasoline buyers feel that for now, they have captured most of the cost increase that will result from the fire."

Consumer sentiment moves higher: The Thomson Reuters/University of Michigan index is at a three-month high. The increased confidence in August is said to be the result of lower mortgage rates and cheaper prices. (Reuters)

Leading indicators back up: The Conference Board's index of future economic activity rose by 0.4 percent in July after falling by the same amount the month before. (AP)

Assembly passes film tax credit bill: The measure would allocate $100 million for the next two years to encourage TV and movie production in the state. The Senate has yet to act on the bill. (LAT)

Caltrans miscues: The agency has spent $22.5 million since 2008 to maintain homes in and around Pasadena, but transportation officials are "unable to demonstrate that the repairs were necessary, reasonable or cost-effective," according to an audit. (LAT)

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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