Asian Markets Soar MoneyWatch News 06/13/2010

In a third consecutive session, the Nikkei was up almost 2 percent, the Hang Seng nearly 1 percent. Plus: Spirit Airlines cancels all of its flights due to pilot's strike.

Asian market soared for a third straight session after a tech stock rally. Japan’s Nikkei added nearly 2% and Hong Kong’s Hang Seng edged up 0.9%. This week, Wall Street gets reports on inflation in the housing market. Friday stock staged a late day rally despite a surprise drop in retail sales. The Dow gained 38 points while the NASDAQ added close to 25. BP’s board was reported to meet today to discuss suspending second quarter dividend to shareholders. The company is under intense pressure to cut or delay the dividend to help pay for the oil spill in the gulf. Your boss may soon ask you to take on a bigger chunk of healthcare cost. According to a new report, costs are expected to jump almost 10% next year. Employees probably won’t be asked to pay for all of the increase but for the first time, most American workers will have insurance deductibles of $400.00 or more. Spirit Airlines has cancelled all flights tomorrow. Pilots walked off the job Saturday after more than three years of contract negotiations. No further talks are scheduled at this time. Spirit says it’s trying to help stranded passengers to find alternate travel plans. The pickup truck appears to be making a comeback. Sales surged in May up 19% compared to a year ago. Many analysts see this as an especially good sign for the economy with many of the vehicles typically sold for construction. That’s your Money Watch. For more, stay with CBS MoneyWatch.com. In New York, I’m Emily Smith.