Last-minute stock rally makes for merry start to May
CBSN
A late rally in big technology stocks erased an afternoon slump on Wall Street and left major indexes moderately higher, following a brutal April in which widespread technology sell-offs dragged down major benchmarks.
The S&P 500 rose 0.6%, accelerating in late-afternoon trading to close at 4,155. The Dow Jones Industrial Average rose 0.3% on the day, and the tech-heavy Nasdaq climbed 1.6%.
"'Sell in May and go away' is probably the most widely cited stock market cliché in history," said LPL Financial Chief Market Strategist Ryan Detrick in a research note. "The S&P 500 Index has closed higher during the month of May in eight of the past nine years — so 'sell in June' might be more appropriate."
After four days of voting, with more than 400 million people eligible across 27 countries, European voters have pulled the bloc's 720-seat parliament farther to the right than it has ever been. The European Parliament, for the next five years, will now have a record number of far-right legislators. Far-right parties made gains in Europe's top three economies — Germany, France and Italy — with gains by politicians who campaigned against immigration, against support for Ukraine and against climate policy.
Apple's annual Worldwide Developers Conference is typically a springboard for the company to announce new tech features for its software programs, and not as flashy as its yearly September event to trumpet its latest iPhone rollout. But this year, the WWDC could be a make-or-break moment for the tech giant.