S&P Zigzags Amid Mixed Data, Hits New High

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

The S&P 500 wavered in a tight range on Friday, but the broad-market barometer still hit a new all-time high.

Continue Reading Below

Today's Markets

As of 1:50 p.m. ET, the Dow Jones Industrial Average fell 21 points, or 0.13%, 16677, the S&P 500 dipped 1.9 points, or 0.1%, to 1918 and the Nasdaq Composite fell 22.3 points, or 0.53%, 4226.

The broad S&P 500 has managed to move ever higher, striking new highs along the way. Despite low volume, the broad-market barometer has jumped 1.9% this month. Meanwhile, the tech-heavy Nasdaq has rallied 3.2%.

There were a handful of key economic reports out.

The Commerce Department reports consumer spending fell 0.1% in April, the first decline in a year, while Wall Street was expecting spending to rise 0.2%. Personal income, meanwhile, rose 0.3%, matching consensus estimates. At the same time, a final reading on consumer sentiment from Thomson Reuters and the University of Michigan came in at 81.9, compared to 84.1 in April, missing Wall Street estimates of 82.5.

Consumers have been bouncing back after a harsh winter suppressed employment and activity.

Meanwhile, the Institute for Supply Management-Chicago’s manufacturing activity gauge rose to 65.5 in May from 63 the month prior, surpassing Wall Street’s expectation for a drop to 61. The reading was the highest since October.

Elsewhere, U.S. stock-index futures fell 50 cents, or 0.48%, to $103.09 a barrel. Wholesale New York Harbor gasoline dipped 0.21% to $1,254 a troy ounce.

What do you think?

Click the button below to comment on this article.