US stocks end the week lower, hold monthly gains

FXStreet (Córdoba) – US stocks fell on Friday and closed the week with losses although main indexes accomplished monthly gains in May.

On Friday, the DJIA fell 115 points, or 0.64%, to 18010.68 and finished the week 1.2% down. The S&P 500 dropped 13.40 points, or 0.63%, to 2107.39 and ended the week 0.9% lower. The Nasdaq Composite lost 27.95 points, or 0.55% to 5032 and recorded a 0.4% weekly decline.

On the data front, the US GDP revision showed the economy shrank 0.7% in the first quarter from a 0.2% rise previously estimated. Still economists anticipate growth will bounce in the second quarter as it occurred last year. Meanwhile, May Chicago PMI dropped to 46.3, missing expectations of 53.0 and the Reuters/Michigan consumer sentiment index came in at 90.7, above the 89.9 of consensus.

Next Friday, the US government will release the nonfarm payrolls report, with expectations calling for a 224K job gain in May following a 223K gain in April.

US stocks fell on Friday and closed the week with losses although main indexes accomplished monthly gains in May.

(Market News Provided by FXstreet)