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Thursday Evening Business Brief

September 15, 2011, 4:33 PM

Thursday Evening Business Brief
The Dow rose 187 points today, a gain of about 1.7 percent. The S&P was up 20 and the Nasdaq surged nearly 35 points.
  • The head of the European Central Bank says market turmoil shows the world economy is not back to "business as usual." Jean-Claude Trichet says governments need to redouble their efforts to strengthen the financial system against new shocks.
  • The IRS says about 12,000 tax cheats have come forward this year alone under its offer for reduced penalties and no jail time to those who disclose assets hidden overseas. Going back to 2009, some $2.7 billion has been collected.
  • Esther George, now the No. 2 official at the Federal Reserve Bank of Kansas City, has been picked for the top spot at the bank. She'll succeed Thomas Hoenig, the Fed's longest-serving regional bank president. He's stepping down Oct. 1.
  • The World Trade Organization says "dolphin-safe" labels used to market tuna sold in the U.S. are illegal because they restrict trade. The panel's ruling marks a partial victory for Mexico.
     

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