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May 12, 2010 06:52 PM

Evening Business Brief

Stock prices rose decisively today. The Dow rose 149 points to 10,897.
The S&P gained 16 points and the Nasdaq added about 50 points.
  • The federal budget deficit was nearly $83 billion in April. Income tax payments were down, reflecting the impact of the recession which has pushed millions of people out of work.
  • Oil prices dropped after the Energy Department reported that crude supplies were on the rise last week. Benchmark crude declined 72 cents to settle at $75.65 a barrel on the New York Mercantile Exchange.
  • Los Angeles has become the largest city yet to boycott Arizona over its tough new law targeting illegal immigration. The move could affect some $8 million in contracts with the state.
  • Cisco says its profit in the latest quarter rose 63 percent from last year, as its customers spent more on networking gear. Excluding one-time items and the cost of stock-based compensation, the world's biggest maker of computer networking equipment earned 42 cents per share. That topped analyst expectations.