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Saturday, 1 June 2013

DOW : Sell in May and Go away??? 15,115.57 Down 208.96(1.36%)

By: Writer

Stocks ended the month of May with big losses, with the Dow and S&P 500 posting their worst one-day drops since mid-April, but major averages still logged monthly gains.

The Dow Jones Industrial Average tumbled 208.96 points, or 1.36 percent, to close at 15,115.57, dragged by Hewlett-Packard and Pfizer. This was the eighth session in a row where the blue-chip index traded in a triple-digit trading range.

The S&P 500 slumped 23.67 points, or 1.43 percent, to end at 1,630.74. And the Nasdaq fell 35.39 points, or 1.01 percent, to finish at 3,455.91.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 16.

While all three major averages finished lower for the second-consecutive week, the Dow rallied 1.86 percent, the S&P 500 jumped 2.08 percent, and the Nasdaq soared 3.82 percent for the month of May, defying the traditional Wall Street slogan: "Sell in May and go away."


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