- - Tuesday, November 8, 2011

WALL STREET

Stocks rise after Berlusconi vows to go

NEW YORK — Stocks turned higher Tuesday after investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. The Dow Jones industrial average closed up 101 points.

Italy became a key focus for investors this week after doubts emerged that the country would go through with a tough package of austerity measures. Many investors saw Mr. Berlusconi as an obstacle to sweeping economic reforms that would be needed to help Italy cut its debt load and avoid sinking into a debt crisis.

The yield on the 10-year Italian government bond spiked close to 7 percent Tuesday, a sign that markets are questioning the country’s ability to pay its debt. Unlike Greece, Portugal and Ireland, all of which received financial lifelines, Italy has too much debt to be rescued by its European neighbors.

The Dow Jones industrial average rose 101.79 points, or 0.8 percent, to close at 12,170.18. Manufacturer 3M Co. gained 2.7 percent, the most of the 30 stocks in the average.

LABOR

Employers post most job openings in 3 years

Employers advertised more jobs in September than at any other point in the past three years. The increase suggests hiring could pick up in the next few months.

Competition for jobs is fierce. And many employers aren’t rushing to fill some because they are worried about the strength of the economy.

Still, most economists say the increase in openings is a reassuring sign.

Nearly 3.4 million jobs were posted in September, the Labor Department said Tuesday. That’s the most since August 2008, one month before the financial crisis intensified.

Job openings have rebounded from a decade low of 2.1 million in July 2009.

BANKS

Wells Fargo to pay $37M in bid-rigging case

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