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Friday Evening Business Brief

November 9, 2012, 5:18 PM

Friday Evening Business Brief
  • President Barack Obama says he is "open to compromise" but raising taxes on wealthiest Americans must be part of any deficit reduction plan. He says that was the "central question" resolved by Tuesday's election. The White House says Obama will veto any bill extending tax cuts for those making more than $250,000. The president has invited congressional leaders to the White House for talks next week.
  • House Speaker John Boehner is leaving open the possibility of balancing spending cuts with new revenue in an effort to avoid the fiscal cliff. But speaking at the Capitol today, the Ohio Republican said he's not willing to raise tax rates on upper-income earners. He says revenue could be raised revising the tax code and eliminating some tax breaks.
  • Stocks have finished the week with small gains after a day of seesaw trading. Traders are expressing worries that partisan divisions could keep Washington from acting in time to head off a series of tax increases and harsh spending cuts. The Dow wound up with a gain of about four points to close at 12,815. The S&P 500 index edged up two points to 1,380 and the Nasdaq rose nine to 2,905. The major indexes lost more than 2 percent for the week.
  • Superstorm Sandy is generating a relief effort that's likely to end up as the country's largest since Hurricane Katrina. The American Red Cross says it has raised $117 million in donations and pledges since the storm. The Salvation Army has raised $5 million. Relief groups also find themselves in a quandary. They say the needs are very specific and some well-intentioned but unneeded offers can hinder efforts.
  • A work from Claude Monet's "Water Lilies" series has been sold for more than $43 million at a New York City auction. The work dates from 1905, when Monet began a feverish phase of paintings depicting his garden's lily pond in Giverny, France. The work that was sold is considered among the best. The money will benefit the Hackley School in suburban Tarrytown, N.Y.

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