Stocks Drop 1% on the Day, but Still Up for May

U.S. stocks ended down 1% on Friday, extending losses into the close, but the three major indexes closed out May with gains. The Dow Jones industrial average tumbled 208.96 points, or 1.36 percent, to end at 15,115.57. The Standard & Poor’s 500 Index fell 23.67 points, or 1.43 percent, to finish at 1,630.74. The Nasdaq Composite Index slid 35.39 points, or 1.01 percent, to close at 3,455.91. For the month, the Dow was ahead 1.9%, the S&P 500 was up 2.1%, and the Nasdaq Composite was up 3.8% .

A group of banks that advise the Federal Reserve has complained about the central bank’s asset purchase program, saying it has “created systemic financial risks and potential structural problems” for financial institutions.

The U.S. Treasury on Friday will suspend investments in a federal employee retirement fund, Treasury Secretary Jacob Lew wrote to congressional leaders, the latest move to buy more time to avoid a default. The U.S. reached its borrowing limit on May 18, but Lew has said Treasury will take measures like this to keep paying the government’s bills.

Starbucks customers will soon have to stamp out their cigarettes before approaching the cafes. The Seattle-based chain says it will start banning smoking within 25 feet of its stores, beginning Saturday, where permitted by its leases.