China, Europe outlook helps stock markets finish higher

Encouraging signs out of China and Europe are helping stocks finish sharply higher.

The Dow Jones industrial average surged 181 points to close at 12,987 Thursday, a gain of 1.4 percent.

It was the biggest jump for the Dow since March 13.

China’s central bank reported a surprising jump in loans in March. That eased concerns about a sudden slowdown in the Chinese economy. Italy easily sold $6.4 billion in government debt, giving investors a breather from worrying about Europe’s debt crisis.

In other trading, the S&P 500 index rose 19 points to 1,388. The Nasdaq composite index gained 39 points to 3,056.

Calif. court: Employers don’t have to ensure breaks taken

In a case that affects thousands of businesses and millions of workers, the California Supreme Court ruled Thursday that employers are under no obligation to ensure that workers take legally mandated lunch breaks.

The unanimous opinion came after workers’ attorneys argued that abuses are routine and widespread when companies aren’t required to issue direct orders to take the breaks.

They claimed employers take advantage of workers who don’t want to leave colleagues during busy times.

The case was initially filed nine years ago against Dallas-based Brinker International, the parent company of Chili’s and other eateries, by restaurant workers complaining of missed breaks in violation of California labor law.

But the high court sided with businesses when it ruled that requiring companies to order breaks is unmanageable and that those decisions should be left to workers.

The decision provided clarity that businesses had sought regarding the law.

The opinion written by Associate Justice Kathryn Werdegar explained that state law does not compel an employer to ensure employees cease all work during meal periods. Instead, an employee is at liberty to use the time as they choose, she wrote.

“The employer is not obligated to police meal breaks and ensure no work thereafter is performed,” Werdegar wrote.

Exxon Mobile’s top execs get hefty compensation hikes

Exxon Mobil says its top executive received a 17 percent increase in compensation last year.

In a filing with the SEC on Thursday, Exxon reported that CEO Rex Tillerson received an annual salary of $2.4 million, a bonus of $4.4 million and stock awards worth $17.9 million.

He also received $519,230 in miscellaneous compensation including life insurance, personal security, personal use of company aircraft, and financial planning.

Exxon says its 60-year-old chief executive earned the raise for boosting returns to shareholders.

Last year Exxon beat the S&P 500 average in shareholder returns. Its safety record also was better than the industry average.

2011 was also one of Exxon’s most profitable years on record.

Exxon shares rose 89 cents to $83.59 in afternoon trading.

— From news service reports