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Monday Afternoon Business Brief

April 30, 2012, 1:28 PM

Monday Afternoon Business Brief

Investors aren't finding reason to continue to bid up the stock market, after last week's gains. A report on consumer spending out today gave reason for pause, coupled with continued worries about Spain's shrinking economy.

  • Without sufficient income gains, Americans have trouble fueling their spending.  The Commerce Department says after-tax income adjusted for inflation expanded at a rate of just 0.2 percent in March, following two months of declines.
  • Microsoft is investing $300 million for a minority stake in a partnership with Barnes & Noble, looking to get a foothold in the e-books business. The news has sent B&N shares up more than 60 percent in early afternoon trading.
  • Oil is down slightly on concerns of growing economic troubles in Europe, slipping to just above $104 a barrel in New York.  The average price for gasoline is $3.82 a gallon.
  • A 23-year-old Irish-themed casino on the Las Vegas Strip is closing to make way for a new planned development. Caesars Entertainment, parent of O'Shea's Casino, is closing the property to make way for the $500 million Linq Project, which will include an outdoor shopping and dining area and a giant observation wheel.

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