S&P 500 Eked Out Gain To Close At Record

U.S. stocks ended Friday’s choppy session fractionally higher, with the S&P 500 closed at record for a second straight day, as investors speculated the Federal Reserve would continue to support economic growth after data showed an unexpected drop in consumer confidence and weak factory output. The Dow Jones Industrial Average added 20.32 points, or 0.11%, to 18,272.56, rising 0.5% over the week. The S&P 500 was up 1.63 points, or 0.08%, to 2,122.73, gained 0.3% over the week. The Nasdaq Composite was down 2.50 points, or 0.05%, to 5,048.29, but booked 0.9% over the week.

The University of Michigan’s preliminary sentiment index for May plunged to 88.6, the lowest since October, from 95.9 the prior month. It was weaker than even the lowest estimate of 68 economists surveyed by Bloomberg.

A separate report showed factory production stalled in April, following a 0.3 percent March gain that was larger than previously estimated. The data add to previous reports that suggest economic growth isn’t strong enough to warrant higher interest rates.

Ice-cream maker Blue Bell Creameries LP said it would lay off 37% of its 3,900 employees as it works to recover from a sweeping recall of all its products last month because of a listeria outbreak.

Low cost U.S carrier Southwest Airlines Co. (LUV) recently declared the approval of a new share repurchase program worth $1.5 billion by its board. Simultaneously, the airline operator hiked its quarterly dividend by 25%.