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Stocks Rise on Iraq News, Personal Spending and Income Increase, and Microsoft Wins EU Court Stay

Strategic Insights

— 2 min read

Investors welcomed the early handover of power in Iraq, leading to a surge in stock prices on the New York Stock Exchange. Meanwhile, the U.S. Commerce Department reported a 1 percent rise in personal spending in May, its largest increase since October 2001. Additionally, Microsoft has won a temporary stay in its European antitrust lawsuit, with penalties of over $600 million temporarily on hold.

Key Takeaways:

  • Stock prices on the New York Stock Exchange rose sharply in late-morning trading on Monday, with the Dow Jones industrial average increasing by 73.80 or 0.71 percent to 10,445.64.
  • The Nasdaq composite Index rose 9.52 or 0.47 percent to 2,034.99, while the S&P 500-stock index increased by 6.12 or 0.54 percent to 1,140.55.
  • Personal spending jumped 1 percent in May, its largest rise since October 2001, driven by purchases of automobiles and other durable goods.
  • Personal income rose 0.6 percent in May, following an identical increase in April, with wages and salaries increasing 0.7 percent, the most since January.
  • The Air Transportation Stabilization Board rejected United Airlines' request for federal loan guarantees, stating that airline credit markets have been improving.
  • Microsoft has won a temporary stay in its European antitrust lawsuit, with penalties of over $600 million temporarily on hold until the court can decide whether to suspend the sanctions for the duration of the appeals.

Statistics:

  • Stocks on the New York Stock Exchange rose 73.80 or 0.71 percent to 10,445.64.
  • The Nasdaq composite Index rose 9.52 or 0.47 percent to 2,034.99.
  • The S&P 500-stock index increased by 6.12 or 0.54 percent to 1,140.55.
  • Personal spending jumped 1 percent in May, its largest rise since October 2001.
  • Personal income rose 0.6 percent in May, following an identical increase in April.
  • Wages and salaries increased 0.7 percent, the most since January.
  • The personal savings rate was 2.2 percent in May, down from 2.6 percent.
  • Inflation-adjusted purchases of durable goods rose 1.7 percent, while inflation-adjusted purchases of non-durable goods rose 0.1 percent.
  • The U.S. Treasury's 10-year note added 2/32, or about $50 per $1,000 invested.

Sources:

  • UPI, "Stocks rise on Iraq news," June 28.
  • UPI, "Personal spending and income rise," June 28.
  • UPI, "United loses federal loan guarantee bid," June 28.
  • UPI, "Microsoft wins EU court stay," June 28.
  • Washington Post, "Microsoft wins EU court stay," June 28.
  • CNN, "United loses federal loan guarantee bid," June 28.

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