News Column

Wall Street Poised to End May in Positive Territory

May 30, 2014

ICN.com Financial Markets

Wall Street (file photo)
Wall Street (file photo)

Wall Street is poised to end May on a positive note, even as futures are looking weak on Friday.

So far in May, the S&P 500 has climbed around 2% and hit fresh all-time highs.

The Dow Jones Industrial Average climbed 0.7% and the NASDAQ has recorded a considerable rebound after declining for two months, climbing 3%. U.S. stock futures were lower Friday morning ahead of a number of major economic reports, indicating benchmark indices could retreat from recent record levels.

The U.S. government will release personal income and spending numbers for April at 8:30 a.m. ET.

The University of Michigan will publish a final reading of its May consumer sentiment index at 9:55 a.m.

-Futures on the Dow Jones Industrial Average fell 0.04% to 16675
-Futures on the S&P 500 index fell 0.07% to 1916.75
-Futures on the NASDAQ 100 fell 0.02% to 3734.75 .

As of 07:28 a.m. ET On Thursday, the S&P 500 closed at 1,920, surpassing its previous record high from earlier this week.

The Dow Jones industrial average closed 0.4% higher and the NASDAQ ended up 0.5%.

European markets were lower in morning trading, led by declines in the mining sector.

Investors in India are waiting for the latest report on quarterly GDP, which will be released at 8 a.m. ET.

The Mumbai Sensex was little changed In corporate news, shares in BNP Paribas declined by roughly 5% in Europe after the Wall Street Journal reported that U.S. authorities were pushing the bank to pay more than $10 billion to settle a criminal probe of alleged sanctions violations.

Salesforce shares were up in extended trading after the company announced a partnership with Microsoft.

Ford stock was under a bit of pressure after the automaker announced four recalls affecting at least 1.4 million vehicles.

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Original headline: Wall Street to end May in positive territory , futures lower ahead of data



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