Stocks close mixed Friday following weaker-than-expected consumer spending, which accounts for 70% of overall economic activity. A consumer sentiment reading also is weaker. Yet markets are looking to close historically weak May on a high, with the S&P 500 popping nearly 2% over the month.
Weak consumer spending and sentiment threw cold water on markets Friday, though the S&P held tentative gains while the Dow tried, but faied, to follow.
Markets rose despite poor Q1 GDP as a raft of positive economic data suggests pent up demand for the second quarter. Home sales were disappointing though jobless claims fell more than expected.
U.S. stocks rise on Thursday despite disappointing home sales. Jobless claims fall more than expected, while investors overlook a poor result for first-quarter GDP.
Stocks showed their forward focus on Thursday, rising despite a Q1 GDP shocker and lackluster housing activity.
The S&P appeared set to notch another record high on Wednesday but slipped in the final minutes of trade to close lower. The Nasdaq and Dow also recorded losses.
U.S. stocks turn red in the final trading hour.
The S&P flirted nervously with gains before committing to another record in afternoon trade, the fickle sentiment a contrast to the day before. It was a flipped mirror of Tuesday's session: financial stocks and small caps lagged, while utilities and telcos were favored in risk-off mode.
Markets are at risk of a near-term pullback before stronger second-half gains are made amid better economic data and earnings.That's the assessment from fund managers, after a sideways slide in stocks this year paints a sharp contrast to the rally of 2013.
Stocks rise Tuesday as the S&P 500 hits another closing record amid positive economic data including better consumer confidence and service sector expansion.