The old adage “sell in May” turned out to be a bad guide to market performance this year. Last week, the S&P 500 closed the month under pressure, but still 2%+ higher, extending its impressive rally this year to 14.3%.
US economic news on the day was mixed. Personal incomes held steady in April, personal spending dipped by 0.2% MoM following a downwardly revised March gain of just 0.1% MoM. Consumer spending was a brisk 3%+ pace in QI, but appears to have slowed over the March/April two-month period into QII.
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Commonwealth Bank