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.