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U.S. markets close up Tuesday

NEW YORK, Nov. 18 (UPI) -- U.S. stock indexes closed up after a sluggish morning Tuesday, in spite of weak housing reports.

Home prices declined in 80 percent of 152 U.S. cities in the third quarter, the National Association of Realtors said Tuesday. The National Association of Home Builders said U.S. builder confidence has sunk to its lowest level since January 1985, when the index began.

By close, the Dow Jones industrial average rose 151.17 points, or 1.83 percent, to 8,424.75. The Standard and Poor's 500 gained 0.98 percent, up 8.37 points, to 859.12. The Nasdaq composite index gained 1.22 points, up 0.08 percent to 1,483.27.

On the New York Stock Exchange, 1,153 stocks advanced and 1,975 declined on a volume of 6.1 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 30/32 to yield 3.533 percent.

The euro fell to $1.2633, compared to $1.265 Monday. Against the Japanese yen, the dollar rose to 97.05 yen, up from Monday's 96.42 yen.

In Tokyo, the Nikkei average lost 194.17 points to 8,328.41, down 2.28 percent.

The FTSE 100 index in London rose 1.85 percent, up 76.39 points to 4,208.55.

Bush ready to waive fuel standards in loan

WASHINGTON, Nov. 18 (UPI) -- White House press secretary Dana Perino said Tuesday the Bush administration would agree to waive fuel standards on the $25 billion U.S. automaker loan.

Representatives of the Big Three automakers were on Capitol Hill Tuesday, lobbying for funds to help them avert bankruptcy.

Congress recently passed a measure providing $25 billion through the Department of Energy to help the industry retool to produce more fuel-efficient vehicles.

"They're still going to have to meet those standards, but if they need that money sooner and need it for other purposes, we're saying simply amend that bill and allow that money to be used for other things," Perino said.

But more funds would be a tougher sell, she said.

"We just don't think that we should provide the $25 billion that was already on the table, plus an additional $25 billion, unless companies can show us that they have a long-term path for viability," she said.

U.S. automakers "want the money that's already been appropriated and they want an additional $25 billion, which we think is unnecessary and unreasonable at this point," she added.

In addition to the White House's opposition to a second loan of $25 billion, "there's just no appetite for it in the Senate, as well," Perino said.

Cuban case may not warrant criminal charges

DALLAS, Nov. 18 (UPI) -- An insider trading charge against Dallas Mavericks owner Mark Cuban may never find its way into a criminal court, a lawyer familiar with the process said.

Phil Stern, who has worked in enforcement for the Securities and Exchange Commission, said SEC charges are generally handled as criminal cases "when they're viewed to be egregious in terms of the number of people affected or if there's something out of the ordinary."

The fact that Cuban is a well-known public figure "in and of itself wouldn't cause the U.S. attorney to step in," he said, the Fort Worth, Texas, Star-Telegram reported Tuesday.

The SEC Monday charged Cuban with selling 600,000 shares of Mamma.com stock in 2004 after learning the company was about to issue discounted shares, which typically reduce the value of the stock, at least temporarily.

Cuban has denied the charges.

Whether criminal charges are ever filed, however, attorney Julia McDonough, who has represented clients in SEC cases, said Cuban's fame ensures the SEC "will get a lot of bang for their buck," the newspaper reported.

Canada wants taxes from online sales

OTTAWA, Nov. 18 (UPI) -- Canada's federal tax department has ordered the Internet retail clearing house eBay to report who is selling what in order to seek back sales taxes.

At the request of the Canada Customs and Revenue agency, the Federal Court of Appeal ordered eBay to divulge their sellers, ranging from people who made as little as $1,000 to more than $150,000 a month in sales in 2004 and 2005, the Ottawa Citizen reported.

EBay Canada has said previously as many as 32,000 Canadians make all or a significant portion of their income by selling goods and services on the online auction Web site, none of which is taxed, the report said.

The Statistics Canada agency estimated more than 8.4 million Canadians bought $12.8 billion worth of goods over the Internet in 2007, although more precise figures are expected in a federal auditor-general's report in February, the report said.

EBay e-mailed the sellers who will have their information released, along with a government offer that those who wish to restate their tax returns can do so without fear of prosecution or penalties, the Citizen said.