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Monday Evening Business Brief

November 7, 2011, 6:15 PM

Monday Evening Business Brief
A late rally pushed the Dow back above 12,000 Monday as investors responded to the latest twists in Europe's efforts to control its debt crisis. U.S. indexes were down for much of the day on worries that Italy could become the next country to run into trouble. Stocks turned higher after 2 p.m. Eastern on news that Greece would receive the latest installment of emergency aid as long as the country's two main parties commit to implementing economic reforms agreed to by the country's previous government.
  • The government is telling a federal judge that $285 million is a fair penalty for Citigroup to pay to settle charges that it misled buyers of a complex mortgage investment ahead of the housing bust. The SEC said Monday that $285 million is close to what it would have won in a trial. The sum came after an extensive investigation and will go to investors harmed by Citigroup's conduct.
  • Eastman Kodak Co. says it has completed the sale of an image sensor business to a private equity firm in Beverly Hills, Calif. The photography pioneer is offloading what it calls "non-strategic assets" in a scramble to reinvent itself as a profitable player in digital imaging and printing.
  • A regulator says he withdrew from an investigation of Jon Corzine's collapsed securities firm to avoid being a distraction. Gary Gensler, chairman of the Commodity Futures Trading Commission, said the CFTC has, in his words, "excellent career staff" to handle such cases.
  • Facebook creator Mark Zuckerberg returned to Harvard University today to enlist new talent for his social networking site. It's the 27-year-old CEO's first official visit to the Ivy League school since he left in 2004. Relations between the two have sometimes been prickly.

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