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Monday Evening Business Brief

December 17, 2012, 5:31 PM

Monday Evening Business Brief
  • Stocks saw their biggest advance of the month on optimism for a solution to avoid the "fiscal cliff". The Dow rose 100 points to 13,235. The S&P added 17 points, while the Nasdaq surged 39 points.
  • Officials say Republican House Speaker John Boehner is offering to let taxes rise on wealthy Americans' investment income and dividends as part of a deal to avert the "fiscal cliff".  Officials also say the administration may be warming to proposals to slow the growth of annual cost-of-living benefits paid to recipients of Social Security and other government retirement programs.
  • Massachusetts officials say they are fining investment bank Morgan Stanley $5 million for disclosing a revenue shortfall with analysts and institutional investors but not the general public. That was ahead of Facebook's troubled IPO in May.
  • General Motors is offering generous deals on Chevy Silverado and GMC Sierra pickup trucks after they piled up on dealer lots. GM is matching or beating discounts from rivals Ford and Chrysler this month.
  • A Los Angeles federal judge has sentenced a man who hacked into the personal online accounts of Scarlett Johansson, Mila Kunis and other women to 10 years in prison. The biggest spectacle in the case was the revelation that nude photos taken by Johansson herself and meant for her then-husband Ryan Reynolds were placed on the Internet.

Read more business stories on the Back To Business page.

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