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."
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