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Upbeat U.S. economic indicators helped stock markets rise on Monday, offsetting concerns about Spain, which had seen its borrowing rates jump on fears it will eventually need a bailout.

The Commerce Department said U.S. retail sales rose 0.8 percent in March despite a strong increase in gas prices. Retail sales hit a record high of $411.1 billion, 24 percent higher than the recession low in March 2009.

The figures are important for global markets because U.S. consumer spending is a major driver of growth. Signs that the U.S. economy was recovering had helped markets post strong gains earlier this year, before hitting a soft patch in the past month.

Monday’s strong data also encouraged investors look past the flare-up in the debt crisis in the 17-nation eurozone.

Spain’s 10-year bond yield, the rate the country would pay if it were to tap markets for money, jumped to 6.10 percent on Monday, from about 5.90 percent on Friday, but eased back to 5.96 percent by mid-afternoon.

Yields rose in other financially shaky countries like Italy, but Spain was the focus as investors consider it the next weakest link in Europe.

The country is caught between the needs to lower debt by cutting spending and to boost growth by investing. Above all, if Spain were to need a bailout, Italy would be severely destabilized as well. The eurozone bailout funds, totaling (EURO)800 billion, would be too small to rescue both.

“The fiscal spotlight has refocused on the considerable challenges facing Spain,” analysts at Capital Economics wrote in a note to clients.

The focus will remain this week on Spain, which will hold government bond auctions on Tuesday and Thursday. Any signs that investors are shying away from the country’s bonds would likely increase tensions and push Madrid’s borrowing rates even higher.

At the end of the week, the International Monetary Fund will hold a global conference in Washington, where European government officials are expected to push for an increase in the organization’s lending capacities to reassure investors it can help fight the eurozone crisis bad credit personal loan lenders. So far, major IMF members like the U.S. have been reluctant to infuse the fund with more money.

By mid-afternoon in Europe, Germany’s DAX was up 1.1 percent at 6,654.12 while France’s CAC 40 rose 1.3 percent to 3,231.21. Britain’s FTSE 100 was up 0.8 percent at 5,696.32. The euro fell 0.2 percent to $1.3038.

Wall Street gained on the open, with the Dow average up 0.7 percent to 12,944.88 and the S&P 500 rising 0.1 percent to 1,371.82.

Asian markets closed mostly lower, however, as traders focused on data released Friday showing China’s economy slowed to a 8.1 percent growth rate in the January-March quarter, the slowest in almost three years. In the fourth quarter, growth was 8.9 percent.

Japan’s Nikkei slid 1.4 percent to 9,502.95, bruised also by a higher yen. The dollar fell to 80.56 yen from 81.10 yen.

South Korea’s Kospi was down 0.9 percent at 1,990.84 after the Bank of Korea lowered its 2012 economic growth outlook to 3.5 percent, from a December estimate of 3.7 percent, Yonhap news agency reported.

Hong Kong’s Hang Seng fell 0.7 percent to 20,559.03 and Australia’s S&P/ASX 200 lost 0.4 percent to 4,304.40. Benchmarks in Singapore, Taiwan, Mumbai and Indonesia also fell.

Benchmark oil for May delivery was up 18 cents to $103.01 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 81 cents to finish at $102.83 per barrel on the Nymex on Friday.

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Consumer products maker Procter & Gamble Co. is raising its quarterly dividend by 7 percent to 56.2 cents.

The Cincinnati company had been paying a quarterly dividend of 52.5 cents. It pays dividends on common shares certain preferred shares. Its next dividend is payable May 15 to shareholders of record as of April 27.

Procter & Gamble makes Tide laundry detergent, Crest toothpaste, Pampers diapers, and other products.

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Giving Iran another chance at diplomacy, deeply skeptical Obama administration officials return to nuclear negotiations this weekend looking for quick progress _ or at least enough hope to hold off urgent calls from Israel for military action.

The U.S. and other world powers are stopping short of saying the gathering in Istanbul is a make-or-break situation. But as they sit down with Iranian officials for the first time in more than a year to press yet again for an agreement on Tehran’s disputed nuclear program, American officials say the window for a diplomatic breakthrough is closing. And in the event the talks fail completely, all U.S. options remain on the table.

Speaking Thursday after hosting foreign ministers from the Group of Eight leading industrialized nations, Secretary of State Hillary Rodham Clinton urged Iran to prove to the world its claim that its uranium enrichment activity is for peaceful purposes. The U.S. and many other countries fear Tehran is trying to produce an atomic bomb and have challenged Iran’s Ayatollah Ali Khamenei to substantiate his edict that weapons of mass destruction violate Islamic law.

“We’re looking for concrete results,” Clinton told reporters. “They assert that their program is purely peaceful. They point to a fatwa that the supreme leader has issued against the pursuit of nuclear weapons. We want them to demonstrate clearly in the actions they propose that they have truly abandoned any nuclear weapons ambition.”

The ball is clearly in Iran’s court. Mounting U.S. and European measures are crippling the Iranian economy, with the rial depreciating dramatically under the weight of restrictions on petroleum exports and efforts to cut off Iranian banks from the world financial system. U.S. and European sanctions will get more severe this summer.

Ahead of the talks, chief Iranian nuclear negotiator Saeed Jalili vowed to present new initiatives, without specifying what they might be. Iranian officials have suggested scaling back on uranium enrichment while continuing to make nuclear fuel. It’s unlikely such an offer would satisfy the demands of the U.S. and its fellow negotiators _ Britain, China, France, Germany and Russia _ but may illustrate enough of a compromise to justify follow-up talks over the next several weeks.

Iran has been skilled at using negotiations to stall for time. It has reneged repeatedly on understandings reached behind closed doors over eight years of talks, initially with European mediators and later expanded to include the United States and the other permanent members of the U.N. Security Council. All the while, Tehran has intensified its uranium enrichment program.

Israel wants tougher action. The Jewish state sees a nuclear-armed Iran as the greatest threat to its existence and has made a point of reminding the world that it sees the threat more urgently than others and that it is prepared to strike Iranian nuclear facilities with or without international support. Israeli military officials believe they’d have to strike by summer to be effective business card templates.

The United States can afford to be a little more patient. But it is dealing with its own clock counting down the time left for diplomacy. The fact that President Barack Obama, too, has committed to preventing Iran from obtaining a nuclear weapon _ and not simply containing Iran should it acquire one _ means the U.S. might similarly be compelled to act. Adding to the tension is an election season in which Obama’s Republican rivals accuse him of being soft on Iran and weak on defending Israel.

Obama has underlined the need to give time for diplomacy alongside sanctions and fired back at his critics for “beating the drums of war.” But the president also will need some signs of a possible breakthrough to show Israeli Prime Minister Benjamin Netanyahu if he is to fundamentally change the Israeli calculus. And unless the Iranians break from the mold set at previous gatherings, he will be hard pressed to do so.

Speaking earlier this month in Istanbul, Clinton said Iran could demonstrate its seriousness in a number of ways. She suggested that Iran end its production of highly enriched uranium, which at 20 percent can more easily be transformed into bomb-making material. She also urged Tehran to ship out its existing stockpile of this uranium to another country and open up its facilities to “constant inspections and verifications.”

The most feasible model for a deal may involve an arrangement Iran agreed to in Geneva in 2009, and then quickly walked away from. It involved the Islamic republic shipping out its highly enriched uranium in exchange for nuclear fuel rods. Although Western officials see the contours of such an agreement as still viable, they say it must be updated to represent more than two years of continued Iranian enrichment. Another compromise could see Iran suspend its higher enrichment if the West holds off on some sanctions.

Failure of the process raises the possibility of a military attack that could lead to severe repercussions in the region and around the world. Even if it is the U.S. that chooses to intervene, Iran’s retaliation could come through attacks on Saudi oil infrastructure, attempts to block the strategic strait of Hormuz, or proxy terrorist activity against U.S. allies such as Israel or in instable states such as Lebanon. Conflict also could drive up oil prices beyond their $100-plus per barrel level today and raise gasoline costs worldwide.

For that reason, the U.S. and its European partners are prepared to show some _ but not much _ patience if they can create a framework for progress. It’s an approach that aims to avoid the all-or-nothing stakes of previous meetings that have consistently left world powers with nothing. But they’ll have to get to something quickly.

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J.C. Penney Co.’s Chief Financial Officer Michael Dastugue will leave the company Friday in the wake of a broader shakeup of the department store operator’s business.

The company said Wednesday that Chief Operating Officer Michael Kramer will serve as interim CFO while it looks for a permanent replacement.

Kramer joined J.C. Penney in December, after serving for three years and president and CEO of Kellwood Co. He was also executive vice president and CFO at Abercrombie & Fitch Co. and served as CFO of Apple’s retail division.

The announcement comes less than a week after J.C. Penney said it laid off 600 workers, or 13 percent of the staff at its headquarters in Plano, Texas, as the company looks to streamline its operations. It will also eliminate 300 more jobs at its customer call center in Pittsburgh when it closes the center July 1.

The company’s new CEO, former Apple Inc. executive Ron Johnson, is transforming every aspect of Penney’s business, from pulling back on constant promotions to rethinking the brands it carries. Johnson became CEO on Nov. 1.

In recent years Penney has suffered because its core middle-income customers have been among those hardest hit by the weak economy. It’s also lagged behind rivals like Macy’s Inc. making its stores fun places to shop. In its latest fiscal year ended Jan. 28, Penney reported a loss of $152 million on revenue of $17.26 billion. That compares with a profit of $389 million on revenue of $17.76 billion in the same period last year.

Revenue at stores open at least a year, considered a key indicator of a retailer’s health, rose a slim 0.2 percent for the latest fiscal year. Rival Macy’s Inc. enjoyed a 5.3 percent increase.

J.C. Penney has 1,100 stores. Its stock added $1.03, or 3.1 percent, to $34.24 in midday trading. Over the past year, the shares have traded between $23.44 and $43.18.

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It will soon be easier for small companies to raise money just like behemoths on Wall Street.

More access to fundraising, new investors and fewer regulatory burdens are all part of the Jumpstart Our Business Startups bill, which President Obama signed into law Thursday.

The JOBS Act, which received bipartisan congressional support, provides small businesses that need capital with many options that were previously out of reach. The provisions are aimed at helping fast-growing operations like biotech and tech companies, but mom and pop shops may benefit as well.

The Securities and Exchange Commission has several months to pass regulations fully implementing the law.

For startups or entrepreneurs in need of initial funds to launch an idea, the law redefines crowdfunding.

8 crowdfunding sites to watch

Previously, platforms like Indiegogo or Kickstarter offered companies a way to raise money from everyday folks. But contributors couldn’t buy shares in a company itself and take part in its profits and losses.

The new law allows a company to use crowdfunding for seeking actual investors. It can raise up to $1 million this way. To protect investors, those with a net worth of less than $100,000 may now invest 5% of their yearly income or $2,000, whichever is higher. Wealthier types can invest up to 10% of their income.

"There’s more reason for an investor to give them money," said Matthew Kaplan, a capital markets lawyer in New York. "They’ll get a piece of the upside."

Crowdfunding helped San Francisco clothing and accessories company Solz raise thousands in donations in the past. CEO Brad Carrick expects the new law will open up the possibility to sell small shares of his company for $1,000 to $10,000.

"When you pull these people together, you can get a mini-angel investment round," said Carrick, referring to venture capital that plays a crucial role in funding startups.

Several parts of the law are also aimed at helping a well-established small business more easily find accredited investors, those with a net worth of $1 million excluding the value of their primary residence. The law lifts a ban on advertising to the general public about investment opportunities, no longer forcing companies to hire brokers.

"That’s huge. When you’re talking about a small business with 30 employees, you don’t have time to establish those connections to bring in chunks of money," said Molly Brogan, spokeswoman for the National Small Business Association, which lobbied for the law’s passage.

Meanwhile, critics such as the AARP, a lobbying group for seniors, oppose lifting the advertising ban, worried it will lure in unprepared investors and lead to fraud.

Does JOBS Act = New banks?

Finally, for companies in later growth stages, the law eases the process for publicly selling stock.

Having 500 investors or raising $5 million previously forced a company to register with the SEC — a costly endeavor. Filling out stacks of legal forms and undergoing independent accounting audits can cost hundreds of thousands of dollars. The law loosens requirements for most companies by raising several thresholds.

A company with $10 million in assets will now have to register with the SEC when its number of investors reaches 2,000, including 500 who don’t meet the "accredited" wealth requirement. And companies with less than $1 billion in annual revenue can enter a five-year phase-in plan with the SEC.

Kaplan said that will let small companies on their way up retain the strength they need to survive the trip.

"It enables you to gestate longer," Kaplan said. "History is littered with examples of startups that went public and crashed and burned, because they didn’t have time to develop processes or market presence to sustain themselves as a public company."

That provision is welcomed by Boulder, Colo., software developer Rally Software, which has spent more than $1 million in accounting fees since 2010 to maintain the option of going public. The CEO of the 300-employee company, Tim Miller, said the JOBS Act would make the process less expensive. 

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Service industries in the U.S. grew in March, capping the strongest quarter in a year and indicating the world

Bentley Motors Ltd. and Rolls-Royce Motor Cars Ltd. are preparing to be occupied by India

Hong Kong picks its new chief executive today, after a campaign marked by personal scandals, public discontent over a widening wealth gap and protests for greater democracy.

A 1,193-member committee of billionaires, including Hong Kong

With more money sitting in their bank account than some companies are worth, Silicon Valley giant Apple finally decided it was time to pay a dividend.

Tim Cook, CEO of the maker of iPhones, iPads, iPods and Mac computers announced Monday the company would be using some of its $98 billion cash on hand to pay out a dividend for the first time since 1995, as well as buy back stock.

In an industry where paying out a dividend is sometimes seen as a sign that a company is past its innovative best, Cook insisted the $2.65 quarterly dividend will still leave plenty of cash for the company to develop new products, as well as giving it a war-chest to use for takeover opportunities.

The U.S., the European Union and Japan complained at the World Trade Organization today over Chinese limits on exports of rare earths that are critical to the world