Stocks Mostly Positive as May Ends; Consumer Spending Drops (GES, DELL)
[Data as of 2:00 PM EST] On Friday it was reported that consumer spending dropped in April, a sign that growth in the economy may be slowing down. This was the first decline since last May. At the same time consumer sentiment rose to its strongest level since July 2007 due to real-estate gains and rising stock prices. Dell (DELL) shares were trading higher after the company urged shareholders to vote for the founder and Silver Lake's proposed buyout. Tesla (TSLA) fell about 2.7% after announcing expansion plans while Guess (GES) surged on earnings that beat investors' expectations.Stocks in the UK continued to tumble on Friday and fell 1.1% for the week.
Word on the Street
- Reports show that consumer spending fell 0.2% in April, the first decline in almost a year.
- The amount of margin loans taken out by Americans hits a new record.
- Sun Pharma may be in talks to buy Sweden's Meda AB for $5-6 billion.
- Ford (F) surpasses full-year hybrid sales record within five months.
- Guess (GES) forecasts current-quarter sales above estimates on the Street.
- Retailers Declare War on Visa (V) and Mastercard (MA).
Published on May 31, 2013By InvestorGuide Staff