Closing Bell TSX rebounds on new European austerity plans

The Toronto Stock Exchange posted a triple digit rebound as commodity prices gained ground after two of the most indebted European countries outlined new austerity measures.Here are the closing numbersTSX — 12,338.85 +105.99 +0.87%S&P 500 — 1,447.15 +13.83 + 0.96%Dow — 13,485.97 +72.46 +0.54%Nasdaq — 3,136.60 +42.90 +1.39%The S&P/TSX composite index added 105.99 points to 12,338.85.Spain and Greece outlined plans to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits.The Canadian dollar gained 0.45 of a cent to 101.95 cents U.S. getting a boost after Spain announced its new budget.Wall Street was also higher, with the Dow ahead 72.46 points to 13,485.97 and the Nasdaq 42.90 points higher at 3,136.60. The broader S&P 500 was up 13.83 points at 1,447.15.The benchmark New York oil contract was ahead $1.87 at US$91.85 a barrel, while the December gold contract added $26.90 to US$1,780.50 an ounce. The December copper contract was three cents higher at US$3.74 a pound.Here’s the news investors were watching today:Spain’s ‘crisis budget’ slashes spending as bailout loomsU.S. Fiscal Cliff ‘single biggest threat’ to global economy, Fitch warnsThere’s another looming ‘Cliff’ you should know about, and it’s $1.6 trillion tallU.S. durable goods plunge worst since recessionON DECK FRIDAYECONOMIC NEWSCANADAOttawa’s fiscal monitor (July) 8:30 a.m.Real GDP (July): Economists expect 0.1% rise from the month before, 2% year over year UNITED STATES8:30 a.m.Personal income & consumption (Aug): Economists expect a 0.2% rise in income, 0.5% gain in consumption 9:45 a.m.Chicago PMI (Sept): Economists expect a flat reading of 53 9:55 a.m.University of Michigan consumer sentiment index: Economists expect an unchanged reading of 79 CORPORATE NEWSCANADAWalgreen Co Q4 earnings: Analysts expect 56¢ a share read more

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Malaysia charges 17 Goldman Sachs figures over 1MDB scandal

KUALA LUMPUR, Malaysia — Malaysia has filed criminal charges against 17 current and former directors at three Goldman Sachs subsidiaries for their role in the alleged multibillion-dollar ransacking of state investment fund 1MDB.Malaysian and U.S. prosecutors allege that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development.The government in December filed criminal charges against Goldman Sachs and two former executives for breaches of securities laws including making false, misleading statements to investors.Attorney General Tommy Thomas said Friday the 17 people holding senior posts were charged under the Malaysian Capital Markets and Services Act for conniving to commit the massive fraud.The Associated Press read more

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