Citigroup will increase its base salaries for many employees in an effort to circumvent new government restrictions on compensation, according to media reports.

General Motors said it would cut about 4,000 more salaried works. The automaker is attempting to work its way out of Chapter 11 bankruptcy protection.

Durable Goods orders rose 1.8% in May, the U.S. Commerce Department reported, doubling analyst expectations. The unexpected jump reinforced hopes that the economy is regaining its footing.

MGM Mirage shares jumped after it removed doubt about its ability to continue operating, thanks to an amended credit agreement and various offerings of stock and notes.

Organization for Economic Cooperation and Development said the global recession is close to bottoming out. It added, though, that the recovery will be weak if further action isn't taken to remove uncertainty from bank balance sheets.