June 20th, 2011
11:01 PM ET

Stocks rise as investors grapple with Greece

Some highlights from the day's business news:

U.S. stocks managed decent gains Monday, even as investors remained cautious about Greece's debt crisis.

After slipping about 0.3% in the opening minutes, the major indexes turned higher, with the Dow Jones industrial average closing up 76 points, or 0.6%.

Financial stocks JPMorgan Chase and Bank of America were the biggest laggards, while DuPont and Caterpillar led the gains.

The S&P 500 rose 7 points, or 0.5%, and the Nasdaq composite rose 13 points, or 0.5%. Biogen Idec was the best performer on both indexes, with shares rising more than 4%.

The gains were limited as investors grappled with the latest news on the Greek debt crisis. European finance ministers said Monday that the country won't receive fresh loans until mid-July.

Insider trading: Feds score another win

Winfred Jiau, a former expert-network consultant, was found guilty Monday of insider trading in another victory for federal prosecutors.

The conviction is the latest development in an ongoing investigation into insider trading by the U.S. Attorney's office in Manhattan, which has resulted in over 40 convictions of hedge fund managers and others since August 2009.

Prosecutors said Jiau, 43, obtained inside information on publicly traded companies from 2006 to 2008 as an employee of an expert networking firm, which is a business that helps connect investors with consultants who have knowledge of specific companies.

She then shared that information with hedge fund traders who used it to make trades in the stock market. In exchange, Jiau was paid more than $200,000 over the two-year period, according to prosecutors.

CNNMoney.com's Hibah Yousuf and Ben Rooney contributed to this report.

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Filed under: Business • Economy
soundoff (2 Responses)
  1. Jazzzzzzzz

    Winfred. I'm almost sorry you got caught. You're not the only one sharing information. I bet some of our politicians do so much worse than you. Good luck in jail. I'll drop you a card. He he.

    June 20, 2011 at 11:43 pm | Report abuse |
  2. L. Ron Howard

    Hey Jazzzzzzzz, what do you say we go out for shots?

    June 21, 2011 at 1:56 am | Report abuse |