Marts revive

Stocks advanced, erasing a weekly loss for the Standard & Poor’s 500, amid reports policy makers may take steps to assist economies battered by Europe’s sovereign debt crisis. The S&P 500 gained 1.1 percent to 1,329.10. The Dow Jones industrial average rose 1.2 percent to 12,651.91.

Nokia cuts

Cell-phone maker Nokia reduced its earnings forecast for the second time this year and said it will cut as many as 10,000 more jobs and shut production and research sites.

Schneiderman

New York Attorney General Eric Schneiderman introduced legislation that would impose new criminal penalties including jail time for those who intentionally engage in mortgage foreclosure fraud.

Fab, again

The SEC asked a court to reinstate fraud claims dismissed against Fabrice Tourre, a Goldman Sachs trader accused of misleading investors in a CDO.

Jobless claims

New claims for state jobless benefits rose by 6,000 last week, marking the fifth time in six weeks they have risen, the Labor Dept. said.