Today in business: 5 things you need to know

1. JOBS REPORT QUELLS FEARS OF SPRING SWOON

The economy added 165,000 new jobs in April, the Bureau of Labor Statistics reported Friday, while the unemployment rate inched down to 7.5 percent, the lowest rate since December 2008. The report also revised March and February's reports up a total of 114,000 jobs—implying the "spring swoon" wasn't as dismal as analysts feared. Economist Justin Wolfers tweeted, "Grading the jobs report: Robust payrolls growth, great revisions, healthy decline in unemployment. I give it an A-." [Wall Street Journal]

...................................................................................................................................

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

2. WASHINGTON POST'S PROFITS PLUNGE

The Washington Post Co. reported first quarter profits of $4.7 million, or 64 cents a share, down from $31 million, or $4.07 a share, a year earlier. That's a startling 85 percent drop. The loss comes from lower advertising revenue in the newspaper's print edition, a 3 percent drop in revenue in its education division Kaplan, and a $34.5 million operating loss due mostly to severance costs. The one bright spot: Growth in TV and cable operations helped the company eke out a 0.4 percent rise in total revenue. [Reuters]

....................................................................................................................................

3. WALL STREET CUDDLES WITH BUILD-A-BEAR

Build-A-Bear shares rose 33 percent to $6.73 Thursday, after the teddy bear company posted a sales jump of 11 percent in North America and 9.7 percent in Europe for the first quarter. The numbers mark a big turn for the company, which shut down 18 stores this quarter and remodeled existing stores with digital features like interactive displays. Six remodeled stores saw an average sales jump of 25 percent in the first quarter, compared with an 8 percent increase companywide. [Wall Street Journal]

.....................................................................................................................................

4. SOLAR POWERED PLANE MAKES FIRST CROSS-COUNTRY FLIGHT

Solar Impulse, the first solar powered plane that can fly both day and night, took flight Friday on a cross-country journey that should bring it to Washington sometime in mid-June. The plane, which weighs about as much as a car but has the wing span of a 747, draws sun from 12,000 photovoltaic cells lining the top of its wings. It can only reach 43 mph and it can't fly through clouds, or take off or land in windy conditions. [Washington Post]

.....................................................................................................................................

5. DOW CROSSES 15,000 FOR THE FIRST TIME

Following this morning's solid jobs report, the Dow Jones Industrial Average briefly crossed 15,000 for the first time, and the S&P 500 broke another record, crossing 1,600. "The round numbers are psychologically important, especially for those cautious investors sitting with their cash on the sidelines," Jack Ablin, chief investment officer at BMO Private Bank told CNN. [CNN]