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S&P and Dow post record closing highs, Nasdaq and Russell end lower

  • Stocks finished with a muddled close, pushing the Dow and S&P 500 to new record closing highs while the Nasdaq and Russell 2000 drifted lower.
  • Outside of the relative weakness among smallcaps, the session was quiet as evidenced by the S&P 500 spending the entire trading day in a seven-point range.
  • Perhaps ironically, the headline indexes hit new highs despite a contracting Q1 GDP and today's report of an unexpected slowdown in consumer spending in April.
  • Treasurys alternated between gains and losses, but ultimately settled flat with the 10-year yield at 2.47%, ending the biggest monthly price gain since January for bonds.
  • For the month, the Nasdaq jumped 3.1% and the S&P climbed 2.1%, while the Dow and Russell each added 0.8%.
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