NEW YORK -- Stocks had their biggest gains in more than two weeks Monday after European officials vowed to take action to resolve the region's debt problems. The Dow Jones industrial average made up about a third of last week's losses.
Financial officials met this weekend and pledged to take bolder steps to fight Europe's debt crisis, which threatens to slow the global economy.
German leaders want banks and private institutions with Greek bonds to take a bigger loss on those holdings. European officials have talked about increasing the size of Europe's $595 billion rescue fund by allowing it to take loans from the European Central Bank. Pressure is mounting for the central bank to lower interest rates.
Netflix secures rights to DreamWorks programs
SAN FRANCISCO -- Netflix unveiled a coming attraction its subscribers might like for a change: the Internet video rights to films and TV specials from DreamWorks.
The multiyear deal announced Monday gives Netflix's streaming service exclusive rights to show the latest content from DreamWorks, the studio behind a list of popular franchises that includes "Shrek" and "Kung Fu Panda." But the rights don't kick in until 2013. So the DreamWorks material won't immediately placate Net- flix customers who are clamoring for Netflix's streaming library to widen its selection of hits.
The complaints could escalate in early 2012 when Netflix loses rights to Disney movies and other films it got through a deal with Starz Entertainment.
SEC may file lawsuit against S&P credit ratings firm
WASHINGTON -- The Securities and Exchange Commission is considering taking civil action against Standard & Poor's for its rating of a 2007 mortgage debt offering. Such action could be just the first shot in a legal assault against the major credit rating agencies.
The three major agencies -- S&P, Moody's Investors Service and Fitch Ratings -- gave high ratings to mortgage investments that turned out to be worthless and contributed to the 2008 financial crisis.
McGraw-Hill, which owns Standard & Poor's Ratings Services, said Monday in a filing that the SEC had told the company it's considering recommending that the agency act. The SEC's staff said it may recommend to the five SEC commissioners that they seek a civil fine and restitution.
Buffett says he will buy back undervalued shares of stock
OMAHA, Neb. -- Warren Buffett is sending a clear signal that he believes Berkshire Hathaway's stock is undervalued by announcing a plan to repurchase stock for the first time since taking over the firm in 1965. Berkshire said Monday that the company Buffett leads will repurchase its Class A and B shares anytime they are trading at less than 110 percent of book value.