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Morning Business Brief

June 28, 2010, 8:21 AM

Morning Business Brief
  • U.S. stocks have faltered in recent sessions because of worries over the economy. Last week, the Dow was down nearly 3 percent. And, the S&P and Nasdaq saw declines of more than 3.5 percent.
  • European markets rose today, breaking a four-day run of losses. Britain's FTSE 100 stock index was up 0.46 percent at while Germany's DAX was 0.9 percent higher. France's CAC-40 was up 0.62 percent. In Asia, Hong Kong's Hang Seng index climbed 0.2 percent and benchmarks in South Korea, Taiwan, India, Indonesia and Singapore also posted mild gains. Japan's Nikkei fell 0.3 percent.
  • The government today reports on how consumers are holding up these days. Spending is seen rising only slightly in May, while incomes are seen surging.
  • Oil prices dropped slightly to near $78 a barrel Monday in Asia as traders kept a close eye on damage a possible hurricane could cause rigs in the Gulf of Mexico this week. Benchmark crude for August delivery was down 25 cents to $78.61 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $2.35 to settle at $78.86 on Friday.
  • The Obama administration is getting set to try to make wireless broadband even broader. The White House says President Barack Obama will sign a presidential memorandum today to nearly double the available amount of wireless communications spectrum over the next decade. The government will auction 500 megahertz of federal and commercial spectrum.

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