Stocks on Wall Street rallied to close out a strong month of May, with the S&P 500 rising 0.8 percent and setting an all-time high. The Dow Jones Industrial Average surged nearly 575 points, while the Nasdaq composite slipped slightly.
One of the biggest gainers was Gap, which soared 28.6 percent after reporting stronger profit and revenue for the quarter. The retailer raised its forecasts for sales and profitability for the year.
The rally was supported by easing Treasury yields in the bond market after a report showed that inflation remained at expected levels. This raised hopes for lower interest rates from the Federal Reserve.
Despite the positive sentiment, there were some losers in the tech sector, with Dell falling 17.9 percent and Nvidia dropping 0.8 percent. Trump Media & Technology Group also slumped following former President Trump’s conviction on felony charges.
Overall, the S&P 500 rose 42.03 points to 5,277.51, the Dow gained 574.84 points to 38,686.32, and the Nasdaq slipped 2.06 to 16,735.02. In international markets, indexes were mixed across Asia and Europe.
