US stocks close higher despite news from Europe

Note: This section contains information in English only.
Source: CNN Money
© Scanpix/AP

On Tuesday US stocks advanced as several US economic indicators including retail sales beat the forecasts and offset concerns about euro-region debt crisis. Dow Jones industrial average gained 0.1% or 17 points reaching 12,096. S&P 500 added 0.5% or 6 points and closed at 1,258, while Nasdaq advanced 1.1% or 29 points to 2,686. On Tuesday morning stocks opened lower on Europe news, however, erased losses later on US economic reports.

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Wed, 16 Nov 2011 09:48:42 GMT

EU strengthens regulation on rating agencies

On Tuesday EU revealed a plan to strengthen regulation on credit-rating agencies to preclude them from boosting market volatility. Michel Barnier, Internal Market and Service's Commissioner suggested the rating agencies have strong impact on markets and thereby on the sentiment of European inhabitants. Thus, stricter control should be applied to cut exaggerated reliance on credit-ratings and develop the rating quality.

Wed, 16 Nov 2011 09:48:02 GMT

DeMarco plans to cut bonuses

Edward J. DeMarco, Federal Housing Finance Agency's acting director is planning to reduce compensations and bonuses at Fannie Mae and Freddie Mac – state owned housing-finance firms. DeMarco, who also is a chief regulator for both banks, plots gradual reductions in executives' salaries especially when they leave the company. In 2009 two CEOs of Freddie Mac and Fannie Mae received $17 m in their two year award packages.

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