October 14th, 2009
05:35 PM ET

Financial Dispatch: Dow tops 10,000

[cnn-photo-caption image= http://i.l.cnn.net/cnn/2007/LIVING/wayoflife/08/22/lotteries/art.lottery.cnn.jpg caption="Mega Millions and Powerball, the country's largest lotteries, will allow stores in many states to sell tickets for both lotteries."]
Andrew Torgan
CNN Financial News Producer

Stocks rallied today, with the Dow Jones Industrial Average touching the 10,000 mark for the first time in more than a year, following better-than-expected quarterly earnings reports from chipmaker Intel and banking giant JPMorgan Chase.

The Dow broke through the 10,000 barrier with about 2-1/2 hours left in the session, and then ended the day at 10,015.86

The last time the Dow closed above 10,000 was Oct. 3, 2008. The very first time it closed above 10,000 was on March 29, 1999.

U.S. wants AIG bonuses curtailed

The Treasury Department, after missing an opportunity to rein in controversial bonuses to AIG employees last year, is now pressing the bailed out insurer to reduce a $198 million bonus pool, according to an overseer's report released on Tuesday.

Neil Barofsky, the special inspector general of the $787 billion bailout program, said that Treasury pay czar Kenneth Feinberg has recommended to AIG that the full $198 million not be paid out in full.

Feinberg has not yet made a specific recommendation to AIG about how much the insurer should reduce the payments, according to Barofsky.

Barofsky, in a report reviewing AIG's bonuses, also said Treasury should have made a greater effort to understand the scope and scale of AIG's bonuses.

Push on to expand $8,000 tax credit

Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time homebuyers - potentially applying it to all but the wealthiest homebuyers.

Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. Opponents say extending and expanding the credit would be a waste of money and only temporarily stave off further price declines.

The credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30.

Beyond extending that deadline, some lawmakers want to make the credit available to all homebuyers who meet income eligibility requirements. And some want to increase the amount of the credit from $8,000 to $15,000.

Mega Millions, Powerball to form partnership

Millions of lottery players will be able to double their bets because of a deal announced today by the two powerhouses of the business.

Mega Millions and Powerball, the country's largest lotteries, will allow stores in many states to sell tickets for both lotteries.

The agreement "means that lotteries from across the United States, and the U.S. Virgin Islands, will be able to choose to offer their lottery players both jackpot games via their retailers," Mega Millions said in a statement.

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Filed under: 360° Radar • Andrew Torgan • Finance
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