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Webman said the report will signal whether hiring is brisk enough to offset the economic drag of high gas prices. "There's a foot race between gas bills and paychecks," he said. "If we continue to print new paychecks at the rate we've been adding them, that mitigates a lot of the damage of higher gasoline prices." The economic optimism pushed prices for U.S. government debt lower and yields higher. The yield on the benchmark 10-year Treasury note rose to 1.98 percent from 1.95 percent late Tuesday. Among stocks making big moves Wednesday: Pandora Media Inc., an Internet radio company, dived 23.9 percent after its projected results for the first quarter badly missed analysts' estimates. Netflix fell 1.8 percent. Investors appeared unimpressed with a strategy, signaled by CEO Reed Hastings, of partnering with cable TV companies to expand Netflix's customer base. The video streaming and DVD-by-mail company has about 22 million online streaming subscribers in the U.S. American Eagle Outfitters rose 6.3 percent. The teen clothing retailer said it expects profit margins and sales to improve this year. Revenue at stores open at least a year rose 10 percent in the fourth quarter.
AP Energy Writer Chris Kahn in New York contributed to this report.
Follow Daniel Wagner at http://twitter.com/wagnerreports.
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