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November 28, 2011 01:24 PM

Monday Afternoon Business Brief


Today's move for U.S. stocks indicates that investors have recovered a bit from last week's gloom. The Dow has been up as many as 300 points, or nearly 3 percent.
Helping the mood, reports pointing to a strong start to the holiday shopping season.
  • European leaders are racing to try to keep the euro from collapse. One proposal gaining ground would have countries using the common currency giving some control of their budgets to a central authority. Some say that would be a step toward a so-called United States of Europe.
  • Democratic Congressman Barney Frank ofMassachusetts won't seek re-election next year. His career of more than three decades in Congress was capped by last year's passage of legislation imposing new regulations on Wall Street. Frank is 71.
  • A federal judge in New York has struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets. The deal would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors on a complex mortgage investment.
  • The inability of members of Congress to compromise on the federal budget has put Medicare in the crosshairs again. Unless Congress acts before Jan. 1, doctors face a 27 percent cut in their fees for treating Medicare patients. That could undermine health care for millions of elderly and disabled beneficiaries.
     
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