Many institutional investors saw the Dubai debt problems coming and sold the bonds back in September, despite the debt being so close to maturity, Julian Pittam, managing director at Data Explorers, told CNBC Tuesday.

A federal judge has ordered a retired Croatian seamstress to pay more than $5.7 million for her role in an insider trading ring involving two former Goldman Sachs Group employees.

The Treasury Department plans to auction 12.7 million warrants to buy common stock of Capital One Financial, another step in the government's Troubled Asset Relief Program.

Stocks kicked off December with a rally Tuesday as fears about the Dubai situation subsided after the emirate said it plans to restructure $26 billion of its debt. The Dow was up about 100 points at the opening bell.

American International Group says it has slashed the amount of money it owes the government by $25 billion after moving two subsidiaries into special holding units ahead of their planned spinoffs or sale.

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In Somalia's main pirate lair of Haradheere, the sea gangs have set up a cooperative to fund their hijackings offshore, a sort of stock exchange meets criminal syndicate.

Tuesday starts with a positive outlook for stocks, helped by retreating fears over Dubai World's debt restructuring plans as well as new easing moves overnight by the Bank of Japan.

Global stocks rose on Tuesday as fears of a debt crisis in Dubai ebbed. Gold hit a new record high near $1,200 an ounce. Experts told CNBC gold remains a charming investment from now into 2010.

European stocks bounced back on Tuesday, boosted by banks and commodity shares, as encouraging economic data and easing concerns over Dubai's debt problems prompted investors to increase their exposure to equities.

Efforts by Dubai World to restructure about $26 billion in debt out of the estimated $59 billion it owes reassured investors that the emirate's debt problems can be contained.

Oil climbed to around $78 a barrel on Tuesday, adding to the previous session's advance, as concern eased that Dubai's debt problems would set back the global economic recovery.

Asian stocks gained ground and Tokyo reversed course on Tuesday afternoon, as worries eased over Dubai's debt problems. The Nikkei 225 closed 2.4 percent higher, driven by news of a surprise BOJ meeting, which weighed on the yen and lifted exporters.