US stocks closed lower as a rally after personal income data and the G20 summit fizzled out late in the day.Across the markets, the Dow fell 5 points to 10,138. Nasdaq dropped 2 at 2,220. The S&P 500 rose 2 points at 1,074.
Personal spending increased 0.2%, according to the Commerce Department. It was flat in April. Personal income rose 0.4% in May after climbing 0.4% in April. Leaders of the industrialised World left the latest G20 summit with a vow to halve government debt by 2013 and to force banks to hold significantly more capital.
Banks will have to hold enough capital to withstand another Lehman Brothers-style collapse without government aid, the meeting in Toronto decided. In a communiqué the G20 said, "The amount of capital will be significantly higher, and the quality of capital significantly improved, when the new rules are fully implemented. This will enable banks to withstand, without government support, stresses of the magnitude associated with the recent financial crisis."
The massive clean-up operation in the Gulf of Mexico continues and has now cost BP$2.65bn (£1.75bn) and the oil giant is stopping almost 23,000 barrels of oil from leaking into the sea. BP, which said last Friday that its bill for the disaster had risen to $2.35bn (£1.57bn) from $2bn (£1.4bn) on the Monday, has so far spent $128m settling 41,000 of 80,000 claims.
Tobacco companies Altria, Reynolds American and Lorillard are all higher as the US Supreme Court refuses to hear the US government’s appeal in its litigation against the tobacco industry.The Supreme Court also ruled unconstitutional a long-standing ban on hand guns in Chicago boosting Smith & Wesson, while Sprint rose after the US president agreed to expand the amount of broadband spectrum available for smartphones.S&P 500 - Risers
Tellabs Inc. (TLAB) $6.80 +6.72%
Sprint Nxtel Corp. (S) $4.46 +6.19%
H R Block Inc. (HRB) $16.25 +4.50%
Dr. Pepper Snapple Group Inc. (DPS) $38.07 +4.10%
Reynolds American (RAI) $53.45 +4.05%S&P 500 - Fallers
Office Depot Inc. (ODP) $4.26 -6.99%
Range Res Corp. (RRC) $41.80 -4.54%
Wynn Resorts Ltd. (WYNN) $85.00 -4.54%
Denbury Resources Inc. (DNR) $15.65 -4.51%
CF Industries Holdings Inc. (CF) $64.58 -4.47%Dow Jones I.A - Risers
Intel Corp. (INTC) $20.37 +1.68%
Coca-Cola Co. (KO) $51.08 +1.63%
Wal-Mart Stores Inc. (WMT) $49.57 +1.58%
Cisco Systems Inc. (CSCO) $22.51 +1.48%
International Business Machines Corp. (IBM) $128.98 +1.46%Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $38.54 -2.28%
Boeing Co. (BA) $67.30 -2.14%
Home Depot Inc. (HD) $29.59 -2.02%
Alcoa Inc. (AA) $11.03 -1.78%
Kraft Foods Inc. (KFT) $28.94 -1.34%
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