Preliminary Gross Domestic Product, fell 5.7% quarter-over-quarter in 1Q, a larger contraction than the forecast of a 5.5% annualized drop, but an improvement from the 6.1% decline in the initial reading of output for the first quarter of the year. Personal consumption rose 1.5%, less than the 2.2% advance initially reported, and worse than the 2.0% that was expected.
Final University of Michigan's Consumer Sentiment Index for May increased more than expected again, rising from 67.9 in the preliminary report to 68.7, versus the 65.1 posted in April.
The Chicago PMI unexpectedly declined to 34.9 in May from 40.1 in April, and below the expected figure of 42.0. More from Bloomberg...
The Dow Jones Industrial Average rose 97 points (1.1%) to close at 8,500, the S&P 500 Index gained 12 points (1.4%) to 919, and the Nasdaq Composite advanced 23 points (1.3%) to 1,774. Crude oil gained $1.23 to $66.31 per barrel, and gold gained $19.50 to $978.95 per ounce. For the week, the DJIA gained 2.7%, the S&P 500 Index rose 3.7%, and the Nasdaq Composite advanced 4.9%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
Daily Update Of Open Positions...Stocks & ETFs
