U.S. stocks declined to close out the month, as economic data confirming a U.S. growth rebound and strong earnings results failed to boost shares.
Dow Jones Industrial Average
fell 185.51 points, or 0.5%, to 33,874.85. The
dropped 30.30 points, or 0.7%, to 4,181.17, and the
declined 119.86 points, or 0.9%, to 13,962.68.
Even with Friday’s losses, though, major benchmarks posted monthly gains after a slate of better-than-expected earnings reports. The Dow gained 2.7% for April, while the S&P 500 posted a 5.2% advance and the Nasdaq Composite rose 5.4%.
Notably, while the broad market’s gains are normal for a strong earnings season, individual companies aren’t being rewarded as much as usual for beating forecasts, Deutsche Bank strategists pointed out in an April 29 note. Even so, U.S. companies’ strong quarterly results have