Stocks Drop on Economic News

Investors seemed to heed the old adage "sell in May and then walk away" after April's strong run. Personal income rose, while the PCE price readings were relatively tame

Stocks finished April on a down note as investors took profits after substantial gains for the month and adjusted their portfolios for May and beyond. Some reports that showed slow economic growth and easier inflation pressures have bolstered hopes the Fed will lower rates in the future, but not everyone's convinced of that, says S&P.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.