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Thursday Evening Business Brief

December 15, 2011, 6:27 PM

Thursday Evening Business Brief
The stock market today broke out of this week's losing streak. The Dow rose 45 points to 11,869. The S&P was up 4, while the Nasdaq added nearly 2 points.
  • International Monetary Fund chief Christine Lagarde says prospects for the global economy are quite gloomy at the moment and it will take concerted action by all countries to resolve an escalating European debt crisis. She says if the issues are not dealt with decisively, the global economy could confront the same threats that pushed the world into the Great Depression of the 1930s.
  • Jon Corzine has disputed an allegation that he knew about customer money that may have been moved just before MF Global collapsed. His latest appearance came after the head of the CME Group said the Corzine may have known about the $175 million transfer.
  • Madonna is closer to making good on her promise to produce new albums under an all-encompassing rights deal worth $120 million that she signed with concert promoter Live Nation more than four years ago. Her new album is due in March, and if it does well, Live Nation Entertainment will get some of the profits.
  • A Chinese drywall manufacturer has agreed to pay hundreds of millions of dollars to resolve court claims by thousands of Gulf Coast property owners who say it wrecked their homes. The deal approved by a federal judge calls for the company to create a fund to pay for repairing roughly 4,500 properties, mostly in Florida, Louisiana, Mississippi and Alabama.

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