Business Briefs

Investors shake off big spike in jobless claims

NEW YORK — Stocks notched a modest gain Thursday, with Wall Street cautious but hopeful that the financial system is on the mend.

The stock market has been performing well recently because of new confidence about the global financial system, even in the face of poor economic data. Stocks dipped Thursday after the Labor Department reported jobless claims spiked to a level not seen since September 2005, but the decline was mild and short-lived.

The Dow Jones industrial average rose 20.20, or 0.16 percent, to 12,626.03. Broader stock indicators also edged up. The S&P 500 index rose 1.78, or 0.13 percent, to 1,369.31, and the Nasdaq index rose 1.90, or 0.08 percent, to 2,363.30.

Plastics maker to invest $5 million, create 95 jobs

COLUMBIA — Plastic molding maker ITECH plans to invest $5 million and create 95 jobs when it opens a manufacturing plant in Oconee County. The Arden, N.C.-based company makes molded plastic parts, such as the shells for fish-finding devices and electrical meters.

MySpace, big recording firms offer music service

LOS ANGELES — News Corp.'s MySpace says it's launching an online music service as part of a joint-venture with three of the largest recording companies. Users will be able to listen to music and watch videos for free and buy music downloads directly from the Web site.

The online hangout said Thursday that it is being joined by Universal Music Group, Sony BMG Music Entertainment and Warner Music Group Corp.

Called MySpace Music, the service will generate revenue through download sales, advertising and sales of concert tickets, merchandise and ring tones.

ATA Airlines shuts down after losing charter deal

INDIANAPOLIS — ATA Airlines discontinued all flights Thursday and filed for bankruptcy, saying on its Web site that it became impossible to continue after losing a military charter contract.

Before the shutdown, the airline had about 50 flights a day, mostly between Hawaii and Oakland, Los Angeles, Phoenix and Las Vegas. The company had more than 2,200 employees. ATA's shutdown was the second recent blow for air service in Hawaii, where longtime carrier Aloha Airlines went out of business this week.

Mortgage fraud reports up sharply last year

WASHINGTON — Reports of suspected mortgage fraud rose 42 percent last year as banks became more leery of lies on loan applications. The Treasury Department said Thursday there were 52,868 reports in 2007.

The most common type of fraud was misrepresentation of income or assets, followed by forged documents, misrepresentation of a borrower's intent to occupy a property as a primary residence, occupancy fraud and inflated appraisals, the government said

Madison Square Garden move is off, owner says

NEW YORK — Madison Square Garden's owner plans to raise the ceilings and add restaurants and bigger luxury boxes in a $500 million renovation.

Cablevision Systems is backing out of a government plan to move the arena. The renovation is expected to be finished by 2011. The arena hasn't been upgraded since the early 1990s.