Stocks Extend Gains into Second Day

U.S. stocks began modestly higher on Tuesday, extending gains into a second day, as reports on manufacturing in Europe and China lifted sentiment. The Dow Jones Industrial Average lately rose 67.59 points to 10,922.24. The Standard & Poor’s 500 Index climbed 5.48 points to 1,129.30. The Nasdaq Composite Index gained 20.86 points to 2,366.24.

Reports on manufacturing in Europe and China boosted sentiment Tuesday. And many investors are hoping Federal Reserve Chairman Ben Bernanke will announce some kind of assistance Friday for the flagging U.S. economy.

European banks with more than $100 billion of cash to raise by year-end will have to pay up because investors perceive them as the worst credits they’ve ever been.

Switzerland’s biggest bank UBS AG is to axe 3,500 jobs to shave 2 billion Swiss francs ($2.5 billion) off annual costs as it joins rival investment banks in reversing the post-crisis hiring binge and preparing for a tough few years.

Asian suppliers to Apple Inc have begun manufacturing a lower-priced version of its hot-selling iPhone 4 with a smaller 8 gigabyte flash drive, according to two people with knowledge of the matter.The flash drive for the 8GB iPhone 4 is being manufactured by a Korean company.

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