Economics / Markets

The Dow Jones Industrial Average closed at a four-year high last night as investors flock to US stocks amid the resurgence in the country's economy.

An inquiry into the "crucial issue" of corporate governance at Britain's top financial companies has been launched by the Treasury select committee.

FIVE THINGS

Sir Nigel Rudd, the former Citigroup banker, is in the running to become the next chairman of Prudential.

Some 1,400 jobs at Yorkshire and Clydesdale banks are to be cut, with the 29 of the banks' Financial Solutions Centres also set to close.

Hargreaves Lansdown co-founder Peter Hargreaves has seen his personal wealth fall by nearly £200m in the last 12 months, according to the latest Sunday Times Rich List.

Illusive trader Alan Howard has been ranked the wealthiest hedge fund manager as part of the Sunday Times Rich List, after his fund managed to outperform through the eurozone crisis last year.

RBS has revised its Bank of England forecasts, scrapping its prediction of further QE and forecasting an initial hike in UK interest rates in the second quarter of next year.

Standard & Poor's (S&P) has cut Spain's credit rating two notches to BBB+ and warned of more economic pain to come.

HSBC has confirmed it is to close its tied advice service, with the loss of about 600 jobs, as the bank prepares for life post Retail Distribution Review (RDR).