An already verdant May for Wall Street finished with another push higher as stocks rallied after a report showed inflation is at least not worsening.
An already verdant May for Wall Street finished with another push higher as stocks rallied Friday after a report showed that inflation is at least not worsening. The Standard & Poor's 500 rose 0.8% to close its sixth winning month of the last seven. The main measure of the U.S. stock market’s health set an all-time high late in the month after clawing back all its losses from a rough April. The Dow Jones industrial average jumped nearly 575 points, or 1.5%.
Such numbers show that businesses “need to prepare for an environment where consumers are not splurging like they were last year,” according to Jeffrey Roach, chief economist for LPL Financial. After the report, the yield on the 10-year Treasury fell to 4.5% from 4.55% late Thursday. It had topped 4.6% earlier in the week amid worries about tepid demand following some auctions for Treasurys, a move that had hurt stocks.
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