Dow Surges Over 575 Points, Best Day of May 2024

May 31, 2024, 08:35 PM

The Dow Jones Industrial Average surged over 575 points on Friday, marking its best day of 2024 and closing out a strong month. The Dow finished May up 2.30%, while the S&P 500 gained 4.82% and the Nasdaq saw a 6.88% increase, its best month since November 2023. The rally was driven by investor optimism as the Federal Reserve's preferred inflation measure met expectations. Key sectors such as basic materials, utilities, and energy posted gains of 4.55%, 4.20%, and 2.80%, respectively. This strong performance comes as the S&P 500 also recorded its best May in at least the last 10 years, with a monthly increase of 5.05%. The SPX index rose 11% heading into June, reflecting a robust market sentiment. Additionally, SPY increased by 0.91% while QQQ saw a slight decline of 0.02%.