At the close, the Dow Jones industrial average was up 53.92 points, or 0.75 percent, to 7,223.98. The Standard & Poor's 500 gained 0.77 percent, 5.81 points, to 756.55. The Nasdaq composite index rose 0.38 percent, 5.40 points, to 1,431.50.

On the New York Stock Exchange, 1,960 stocks advanced and 1,100 declined on a volume of 8 billion shares traded.

The benchmark 10-year U.S. Treasury bond fell 9/32 to yield 2.898 percent.

The euro fell to $1.2918, compared to Thursday's $1.2927. Against the Japanese yen, the dollar rose to 98.03 yen, compared to Thursday's 97.62 yen.

In Tokyo, the Nikkei average gained 371.03 points to 7,569.28, up 5.15 percent.

In London, the FTSE 100 index gained 1.12 percent, 41.62 points, to 3,753.68.

American Axle says future is uncertain DETROIT, March 13 (UPI) -- Auditors for American Axle & Manufacturing said the U.S. auto parts giant was in danger of going under, especially if a big car company retreats.

"As a result of the current automotive industry environment and the uncertainty relating to the ability of GM (General Motors Corp.) and Chrysler to continue operating as going concerns ... it is uncertain whether we will be in compliance with the financial covenants … throughout 2009," the company said in a Securities and Exchange Commission filing.

The Detroit News reported 74 percent of the company's products -- mainly rear-wheel axles for pickup trucks and sports utility vehicles -- are sold to GM. Another 10 percent are sold to Chrysler LLC.

Both Chrysler and GM are struggling with sharp sales slumps. In addition, if GM and Chrysler revive themselves, they are apt to produce more smaller vehicles.

List of tax havens shrinks with Swiss move BERN, Switzerland, March 13 (UPI) -- Switzerland said Friday it would alter its international banking policies to align itself with the Organization for Economic Cooperation and Development.

Although Swiss Finance Minister Hans-Rudolf Merz said Switzerland was "not laying to rest Swiss banking secrecy," the government, he said, was "ready to begin negotiations on revising double taxation agreements."

While the move faces internal opposition in Switzerland, the country faced international pressure and possible sanctions for its status as a tax haven, Swissinfo reported Friday.

In February, Swiss bank UBS agreed to pay a $780 million fine on charges it had helped thousands of U.S. citizens hide assets from the Internal Revenue Service.

The principality of Liechtenstein said Thursday it would conform to international standards of tax reporting. Singapore has begun to take steps towards OECD compliance.

Austria, Luxembourg, Andorra and Hong Kong have also announced they will take steps to avoid the stigma of being known as a tax haven. Andorra, the Isle of Man and the Cayman Islands have also joined the list of countries stating their intention to comply with international standards, the EU Observer noted.

"Every product, every actor and every place in the world must be transparent," German Chancellor Angela Merkel said.

Thinking ahead, Norway's Think to expand AURSKOG, Norway, March 13 (UPI) -- Norwegian electric car maker Think is searching the United States for space to open a new production facility, the company's chief executive officer said.

"We see ourselves playing a small but potentially growing role in re-inventing the U.S. auto industry by bringing back new manufacturing jobs to the U.S. to replace internal combustion engine vehicles that are expensive to operate and maintain with clean, efficient electric vehicles," CEO Richard Canny told The Norway Post.

In a release, the company said it was negotiating with eight states, including Michigan, for a site for a production plant. At the start, it would employ 300 assembly workers and 70 engineers and technicians. Future plans call for 900 workers and a capacity output of 60,000 cars a year, the Post said.

Production could begin sometime in 2010.

"The U.S. is quickly overtaking Europe as an attractive market for EVs and is an ideal location to engineer and build EVs," Canny said.

As part of its strategy, Think North America would apply for a low-interest loan from the U.S. Department of Energy's Advanced Technology Vehicle Manufacturing program, the newspaper said.

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