Stock market today: Wall Street rallies to close out a bloom-filled May
Stock market today: Wall Street rallies to close out a bloom-filled May
Wall Street Ends May with Significant Gains
Mixed Corporate Earnings
Most U.S. stocks rose despite varied profit reports from big companies, indicating a resilient market amid economic cooling signals.
Inflation Rates Stabilize
A government report confirmed inflation rates holding steady, aligning with forecasts and influencing the Federal Reserve's interest rate decisions.
Market Leaders and Laggards
Gap surged with strong quarterly results, while tech stocks like Dell and Nvidia experienced mixed fortunes, impacting overall market dynamics.
Economic Indicators and Forecasts
Consumer spending and income growth slowed, suggesting a cautious economic outlook and potential adjustments in business strategies.
How did the S&P 500 perform in May 2024, and what significant milestone did it achieve?
The S&P 500 had a strong performance in May 2024, with the index rallying to close out the month with gains. The S&P 500 rose 0.8% during this period, marking its sixth winning month in the last seven. The main measure of the U.S. stock market's health set an all-time high late in the month after recovering all its losses from a rough April. The S&P 500's strong performance in May was driven by a mix of factors, including easing Treasury yields in the bond market, stronger profit and revenue reports from some companies, and signals that the economy may be cooling.
One significant milestone achieved by the S&P 500 in May 2024 was closing above the 5,000 level for the first time in history. This marked the 10th record close of 2024 and its third 100 point milestone for the year. The crossing of this milestone signifies a psychological breakthrough for investors and showcases the index's continued growth and resilience amid various market challenges.
What were the primary reasons behind the rise in most U.S. stocks as reported on May 30, 2024?
The primary reasons behind the rise in most U.S. stocks on May 30, 2024, were mixed profit reports from big companies and signals that the economy may be cooling. A key measure of inflation remained at 2.7% last month, exactly as forecast, which left open the question of when Wall Street will get the lower interest rates that it craves. Stocks in industries that tend to benefit the most from easier interest rates helped lead the market, with real-estate stocks in the S&P 500 jumping 1.9% as a group. Additionally, the report showed that growth in spending by consumers weakened by more than economists expected, which could bolster confidence at the Federal Reserve that inflation is sustainably heading toward its target of 2%.