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.