Investor Alert

Nov. 8, 2011, 2:18 p.m. EST

Italy's PM Silvio Berlusconi to resign: reports

SAN FRANCISCO (MarketWatch) -- Italian Prime Minister Silvio Berlusconi plans to resign after the country's 2012 budget is approved, according to media reports Tuesday, citing the office of Italy's president. Earlier, Berlusconi had lost his majority during a key parliamentary vote, increasing the likelihood of a confidence vote or resignation. U.S. stocks swung to positive territory with financial stocks leading the way following the news. The Dow Jones Industrial Index (DOW:DJIA) rose 0.4%, the S&P 500 Index (S&P:SPX) advanced 0.6%, and the Nasdaq Composite Index (NASDAQ:COMP) grew by 0.7%.

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Financial stocks rise on Berlusconi plans

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