Stocks Finish May With Bipolar Session
Wall Street Sector Selector | Jun 02, 2013 05:50AM ET
Stocks were all over the charts on Friday. After starting out in the red in the wake of a disappointing report on Personal Income and Outlays for April from the Bureau of Economic Analysis, a wildly better-than-expected Chicago Purchasing Managers’ Index for May and an unexpected increase in the University of Michigan Consumer Sentiment Index sent stocks climbing into positive territory. Suddenly, at exactly two o’clock, a massive sell-off began. Widespread commentary attributed the sell-off to MSCI index rebalancing at the end of the month.
The Dow Jones Industrial Average (DIA) dropped 208 points to finish Friday’s trading session at 15,115 for a 1.36 percent fall. The S&P 500 (SPY) finished Friday’s session with a 1.43 percent swoon to close at 1,630.
The Nasdaq 100 (QQQ) sank by exactly one percent to close at 2,981. The Russell 2000 (IWM) fell 1.04 percent to 984.
In other major markets, oil (USO) fell 1.92 percent to close at $32.61.
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