Business briefs

Sources: General Motors IPO expected to raise about $10B

The sale of General Motors stock is expected to raise about $10 billion in an initial public offering that will reduce the U.S. government's stake in the automaker from 61 percent to around 43 percent, according to three people briefed on the sale. GM common stock is expected to sell for between $26 and $29 a share in the Nov. 18 IPO, according to the three people, who spoke Monday and asked not to be identified because they are not authorized to speak on the matter. That would value the company at more than $46 billion.

Fannie Mae, Freddie Mac revoke foreclosures from Florida firm

Mortgage buyers Fannie Mae and Freddie Mac are revoking thousands of foreclosure cases from a Florida law firm under investigation for falsifying documents used to complete foreclosures. Both companies say they have started transferring those documents from the Law Offices of David Stern to other firms. Jeffrey Tew, an attorney for Stern's firm, declined to comment.

Markets climb on Election Day, Dow near highest point of year

Major stock indexes rose yesterday as investors awaited the results of congressional elections, putting the Dow Jones industrial average near its highest point of the year. The Dow rose 64.10 points, or 0.6 percent, to close at 11,188.72. The Standard & Poor's 500 index rose 9.19, or 0.8 percent, to 1,193.57. The Nasdaq composite index rose 28.68, or 1.1 percent, to 2,533.52.

Despite $40B gulf oil spill, BP shows $1.8B profit for 3Q

BP Plc is once again reporting profits even with an estimated $40- billion price tag for the response to its blown-out well in the Gulf of Mexico. BP said costs related to the April 20 oil spill dragged down third-quarter profit by more than 60 percent. The London-based company earned $1.79 billion from July through September, compared with $5.3 billion a year ago. BP lost $17.2 billion in the second quarter.

From wire reports