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Wednesday Evening Business Brief

October 26, 2011, 4:52 PM

Wednesday Evening Business Brief
U.S. stocks were higher at the closing bell, after reports that China will come to the aid of Europe by investing in a financial rescue fund. Agence France-Presse reported that China has agreed to invest in Europe's financial rescue fund, which will be used to support struggling countries and banks in the European Union. The Dow gained 162 points, or 1.4 percent, to 11,869. The S&P 500 rose 13 points, while the Nasdaq composite added 12 points.
  • European countries will force their largest banks to quickly increase their capital buffers, hoping to address the continent's debt troubles. Aiding the banks is thought to be the key to resolving the debt crisis, which threatens the euro.
  • President Barack Obama says his administration has made no decision on whether a Canadian company can proceed with plans for a transnational oil pipeline to Texas. A protester during Obama's appearance at the University of Colorado Denver yelled that the president should say no to the contested Keystone XL project.
  • The largest hedge funds and private equity firms must report financial information to the government under a rule adopted Wednesday. But the Securities and Exchange Commission has backed off broader reporting requirements after it drew heavy objections from the industry.
  • Freddie Mac CEO Ed Haldeman Jr. will resign within the next year, according to the government regulator that oversees the mortgage giant. The Federal Housing Finance Agency also says Freddie Mac will lose its chairman of its governing board and two other board members in the coming months. The departures
    amount to the biggest leadership shake-up for the agency since it
    was taken over by the government in 2008.
     

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