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Stocks post solid gains in May

Tuesday, May 31, 2016 - 01:23

The last trading day of the month was flat, but the major indexes all were higher in May, with the Nasdaq up 3.6 percent. Bobbi Rebell reports.

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Stocks closed out the month of May in the plus column, with the S&P 500 notching its third month of gains, the Dow its fourth month, and the Nasdaq up 3.6 percent in May. Tuesday was relatively flat as weaker energy shares countered safe-haven utilities. Mark Martiak of Premier Wealth First Allied: (SOUNDBITE) MARK MARTIAK, SENIOR WEALTH STRATEGIST, PREMIER WEALTH FIRST ALLIED, (ENGLISH) SAYING: "I think, coming off of a long holiday weekend, there is a news vacuum. There are not a lot of catalysts in the market right now to drive it forward. We did have some good numbers that came out." Those numbers included the strongest increase in consumer spending in over six years in April. But a separate report showed consumer confidence for May was lower than expected- muting the first report's impact. Disney stock gave ground. The studio's latest release, "Alice through the Looking Glass" received poor reviews. Celator Pharma surged more than seventy percent after agreeing to be bought by Jazz Phara for about $1.5 billion - a 72-percent premium. Great Plains Energy giving up ground on news it is buying it's bigger rival Westar for $8.6 billion. Westar rose. Medtronic reporting better-than-expected net profit. But the medical device maker gave a cautious full year outlook, and that weighed on its stock. European shares closed down on the last trading day of May, but still managed gains for the month.

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Stocks post solid gains in May

Tuesday, May 31, 2016 - 01:23