By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks churned between small
gains and losses on Friday, with the S&P 500 on track for a
seventh monthly gain, as investors sorted through mixed economic
reports.
The Thomson Reuters/University of Michigan's final index of
consumer sentiment climbed to 84.5 for May, topping forecasts, and
the highest level since 2007.
Equities had trimmed their losses and turned mildly higher after
the Chicago PMI jumped to 58.7 in May, its best reading in more
than a year.
The Dow Jones Industrial Average (DJI) lost nearly 1 point to
15,323.58.
The S&P 500 index (SPX) shed 1.24 points to 1,653.17, with
consumer staples and energy hardest hit and utilities and
technology faring best among its 10 industry groups.
The Nasdaq Composite (RIXF) declined 1.32 points to
3,489.95.
Casting the largest chunk of the U.S. economy on uncertain
footing, the Commerce Department on Friday reported household
purchases declined 0.2% last month, following a 0.1% rise in March;
incomes were static.
Equity futures held their drop after the spending report.
Dell Inc. (DELL) rose 0.5% as founder Michael Dell, the computer
maker's board of directors and its private-equity partners faced a
lawsuit by shareholders contesting Dell's effort to take the
company private.
Dell on Friday urged shareholders to vote for the $24.4 billion
buyout offer led by CEO Dell at a special meeting July 18, calling
it better than other options.
Among movers, Krispy Kreme Doughnuts Inc. (KKD) climbed after
the doughnut maker beat first-quarter profit and revenue estimates
and raised its outlook for the year.
U.S. stocks gained on Thursday as reports on economic growth and
jobless claims heightened thinking that the Federal Reserve would
continue its level of monthly bond purchases.
The central bank's monetary easing is a major factor in the bull
market, now in its fourth year.
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