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Wall Street ends mixed with S&P 500 setting record

English.news.cn   2014-05-31 05:48:17

NEW YORK, May 30 (Xinhua) -- U.S. stocks closed mixed on Friday to wrap up May in positive territory, with the S&P 500 breaking new ground, boosted by continued market enthusiasm despite mixed economic data.

Following a four-day record run in a row, the S&P 500 continued to refresh all-time intraday highs, with its session high at 1,924. 03 points, as investors calmly embraced a batch of mixed economic data. The benchmark index set another record closing high of 1.923. 57 points, up 3.54 points, or 0.18 percent.

The Dow Jones Industrial Average rose 18.43 points, or 0.11 percent, to 16,717.17, eclipsing its previous record closing high of 16,715.44 points set on May 13. While the Nasdaq Composite Index was down 5.33 points, or 0.13 percent, to 4,242.62.

U.S. personal consumption expenditure, which accounts for about 70 percent of the U.S. economic activity, decreased 0.1 percent in April, while personal income increased 0.3 percent, said the U.S. Commerce Department Friday. Analysts had expected consumer spending to gain 0.2 percent last month while personal income to increase 0.4 percent.

Adding pessimism into the market, U.S. consumer sentiment fell in May, with the Thomson Reuters/University of Michigan's final reading of the index registered 81.9, slightly higher than the preliminary reading of 81.8, but lower than market consensus of 82. 5.

The Chicago Business Barometer in May, however, came out better than expected, providing some upward jolts to the stock market. The index increased to 65.5 in the month from 63.0 in the prior month, the highest since October, the Institute for Supply Management said Friday.

The three indices finished both the week and the month higher. For the week, the Dow was up 0.7 percent, and the S&P 500 went up 1.2 percent while the Nasdaq climbed 1.4 percent.

After closing out the month, Wall Street broke the old market adage of "sell in May and go away," as generally positive economic data and corporate earnings in the world's largest economy ignited market bullish sentiment which helped Wall Street rewrite record book repeatedly.

In May, the Dow and S&P 500 rose for a fourth straight month, up 0.8 percent and 2.1 percent. In addition, the Nasdaq jumped 3.1 percent.

The CBOE Volatility Index, a gauge of fear in the market, decreased 1.47 percent to end at 11.40 Friday.

In other markets, oil prices retreated from the previous day's gains on profit taking. Light, sweet crude for July delivery moved down 87 cents to settle at 102.71 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery lost 56 cents to close at 109.41 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange notched a five-day losing streak as money fled from the safe-haven precious metal to rising stocks. The most active gold contract for August delivery dropped 11.1 dollars, or 0.88 percent, to settle at 1,246.0 dollars per ounce.

The U.S. dollar drifted lower against most major currencies amid mixed U.S. economic data. In late New York trading, the euro rose to 1.3633 dollars from 1.3602 dollars of the previous session, while the British pound increased to 1.6764 dollars from 1.6720 dollars.

Editor: Mu Xuequan
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