Stocks Finished May with Gain

U.S. stocks finished May with the biggest monthly gain since February as the S&P 500 edged up to another record high on Friday. The Dow Jones Industrial Average gained 18.43 points, or 0.11%, to 16,717.17, gaining 0.7% over the week and rising 0.8% over the month. The S&P 500 was up 3.54 points, or 0.18%, to 1,923.57, adding 1.2% over the past week and 2.1% higher over the past month. The Nasdaq Composite was down 5.33 points, or 0.13%, to 4,242.62, but it still recorded a 1.4% over the past week and a 3.1% gain over the past month.

US consumer spending fell for the first time in a year in April after two months of solid gains, but the decline probably will not change expectations for a sharp rebound in economic growth this quarter.

In a separate report, the University of Michigan’s consumer sentiment index fell more than analysts were expecting. The index fell to 81.9 in May from 84.9 in April. Economists had expected 82.8.

Valeant Pharmaceuticals International Inc. is still trying to lure Allergan Inc. to the negotiating table, as the drug maker boosted its bid for the Botox maker to about $53.3 billion in cash and stock.