U.S. Stocks Higher as Report Shows Rise in Personal Income

Source: Associated Press

Stocks on Wall Street traded higher on Friday after a report showed that Americans’ income edged up last month.

Before trading began, the Commerce Department said that both personal income and spending rose 0.4 percent in April, in line with what economists expected. Higher food and gas prices accounted for most of the spending increase.

A cut in the amount withdrawn from paychecks for Social Security has given incomes a boost this year. But that extra take-home pay has been pinched by higher prices for gasoline.

By late morning the Dow Jones industrial average was up 62.17 points, or 0.5 percent. The Standard and Poor’s 550-stock index rose 6.59 points, or 0.5 percent. The Nasdaq composite index was up 15.20 points, or 0.5 percent.

Read more: http://www.nytimes.com/2011/05/28/business/28markets.html

what a bunch of garbage.

Incomes rose 0.4 percent but after-tax incomes adjusted for inflation were flat for a second straight month.

http://www.nytimes.com/aponline/2011/05/27/business/AP-US-Economy.html

A cheerleader at work...

first thought! My "personal income" sure as hell hasn't. If anything, it has dwindled by about 50% just this past month alone!

only for some

http://www.businessinsider.com/senator-judd-gregg-hired-by-goldman-sachs-2011-5

I would believe the top one percents income