Well, well, well, and so it marches on. I don’t act in the market on gut feelings, but expectations at this point must be for a pullback to at least the 1900 or 1890 region. This march up at the end of the month has been very impressive.
I am starting to hear more people talk in the news about a secular bull market over the next 10-15 years. After flatlining for the last 15 years who’s to say they are wrong…certainly if history repeats itself, that should be the case.
U.S. stocks turned mostly higher on Friday, with the S&P 500 and the Dow Jones Industrial Average closing at records, after the government reported an unexpected slowdown in consumer spending in April.
The Reuters/University of Michigan survey of consumer sentiment came in at 81.9 in May, lower than the consensus estimate of 82.4.
The figures from the Commerce Department had household purchases falling 0.1 percent last month in the first decline in a year, following a revised 1 percent rise the prior month, the strongest since 2009. Incomes increased 0.3 percent, as expected.
The Chicago Purchasing Managers Index hit 65.5 in May, versus expectations of 61.
Posting a 0.8 percent gain in May, the Dow Jones Industrial Average added 18.43 points, or 0.1 percent, to 16,717.17, topping its May 13 record.
After rising to an all-time high for a fourth session, the S&P 500 climbed 3.54 points, or 0.2 percent, to 1,923.57, also a record. The index rose 2.1 percent for the month, with both the Dow and the S&P tallying a fourth monthly gain.
After an initial rise, the Nasdaq dropped 5.33 points, or 0.1 percent, to 4,242.62, leaving it up 3.1 percent for May.
Advancers moved just passed decliners on the New York Stock Exchange, where nearly 916 million shares traded. Composite volume approached 3.2 billion.
International action: European markets finished mostly lower, with shares of BNP Paribas (BNPQF) off by more than 2%. The Wall Street Journal reported that U.S. authorities were pushing the bank to pay more than $10 billion to settle a criminal probe of alleged sanctions violations.
Asian markets ended with mixed results
News Sources: CNBC and CNN Money