Stocks: Dow, S&P 500 hit new closing highs

Stocks: Dow, S&P 500 hit new closing highs

(Photo: Richard Drew, AP)

Print
Email
|

by David Carrig / USA TODAY

khou.com

Posted on May 30, 2014 at 3:29 PM

Updated Friday, May 30 at 3:36 PM

The Dow Jones industrial average and the S&P 500 both ticked up into record territory by Friday's market close.

Stocks had been lower in earlier trading after reports showed that consumer spending and sentiment fell more than economists expected.

But, while the Nasdaq lagged behind and closed in negative territory, things started looking up for the blue-chip Dow and the broader S&P 500.

Despite Friday's weakness, it has been a relatively strong month for stocks. The S&P 500 is up about 1.8%, the Dow is up 0.5% and the Nasdaq is up 2.9%

STOCKS: USA TODAY's live markets blog

The Commerce Department reported that consumer spending unexpectedly fell 0.1% in April, its first drop in a year. That came after a 1% surge in spending in March. Income rose 0.3% in April.

In a separate report, the University of Michigan's consumer sentiment index fell more than analysts were expecting. The index fell to 81.9 in May from 84.9 in April. Economists had expected 82.8.

"The reports were lackluster at best," said Karyn Cavanaugh, a market strategist with Voya Investment Management, formerly known as ING Investment Management.

The yield on the 10-year Treasury note fell slightly to 2.46% from 2.47% Thursday.

Asian markets were mixed. Japan's Nikkei 225 declined 0.3% to 14,632.38 and Hong Kong's Hang Seng index rose 0.3% to 23,081.65.

European bourses were mostly lower. London's FTSE 100 index fell 0.4% to 6844.51 and France's CAC 40 index dropped 0.2% to 4519.57.

Thursday, the S&P 500 rose 0.5% to a record closing high of 1920.03. The Dow gained 0.4% to 16,698.68 and the Nasdaq jumped 0.5% to 4,247.95.

Contributing: The Associated Press

Print
Email
|