NEW YORK -- Stocks turned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget is passed.
Italy became a key focus for investors this week after doubts emerged that the country would go through with a tough package of austerity measures. Many investors saw Berlusconi as an obstacle to reforms that would be needed to help Italy cut its debt load and avoid sinking into a debt crisis.
Europe's debt crisis has dictated much of the trading in financial markets since the beginning of October.
Boeing's donation to go for teaching initiative
Boeing Co. on Tuesday donated more than $180,000 to help schoolteachers in the Charleston region.
The grant to the Education Foundation is for science, technology, engineering and math teachers in Berkeley, Charleston and Dorchester counties. The money will be used for professional development allowing teachers to visit businesses, create business partnerships and develop new methods of teaching. The idea is to ensure a supply of students trained in science, math, engineering and technology to meet the area's job needs.
Earlier this year, Boeing opened a $750 million 787 aircraft assembly plant in North Charleston.
Wall Street bonuses to be lower, forecast finds
WASHINGTON -- Compensation consulting firm Johnson Associates is forecasting a less generous bonus season for Wall Street this year. The firm said Tuesday that its third- quarter compensation analysis shows year-end incentives will drop an average of 20 percent to 30 percent versus last year. Incentives can be cash or equity awards.
The firm said fixed income traders will see the biggest drop, with bonuses expected to fall up to 45 percent.
Johnson Associates said most financial services firms are cutting bonuses because of the weak economy, heightened regulation and uncertain markets.
Tsunami in Japan takes bite out of Toyota's net
TOKYO -- Toyota said its quarterly net profit slid 18.5 percent to $1 billion on plunging sales caused by parts shortages from the tsunami disaster in northeastern Japan and warned it faces a new challenge from flooding in Thailand.
Toyota declined Tuesday to give a forecast for the full financial year ending March 2012, citing uncertainties stemming from the floods, which have prompted it to cut some car production.
Toyota, Japan's top automaker, said that vehicle sales plunged in the key markets of Japan and North America, but it was making up for some of the losses by strong sales in Asia. Toyota's quarterly sales fell nearly 5 percent from a year earlier to $58.7 billion.
Fannie Mae losses spur request for $7.8B in aid
WASHINGTON -- Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter.
The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates hurt profits and declining home prices caused more defaults on loans it has guaranteed.
The government rescued Fannie Mae and sibling company Freddie Mac in 2008 to cover their losses on soured mortgages. Since then, a federal regulator has controlled their financial decisions.
Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis.