Stock market today: Wall Street closes out a blooming May with a rally

New York (AP) — An already verdant May for Wall Street finished with another push higher as stocks rallied Friday after a report showed inflation is at least not worsening. The S&P 500 rose 0.8% to close its sixth winning month in the last seven. The main measure of the U.S. stock market’s health set an all-time high late in the month after clawing back all its losses from a rough April. The Dow Jones Industrial Average jumped nearly 575 points, or 1.5%, while sagging prices for some big technology stocks held back the Nasdaq composite. Gap soared to one of the market’s biggest gains, 28.6%, after delivering stronger profit and revenue for the latest quarter than analysts expected. The report showed a key measure of inflation remained at 2.7% last month, exactly as forecast. Stocks broadly got a boost from easing Treasury yields in the bond market after the latest reading on inflation came in roughly as expected. The Fed has been keeping the federal funds rate at the highest level in more than 20 years in hopes of slowing the economy enough to stifle high inflation. "The pickle for the Fed is whether growth will slow faster than inflation," said Brian Jacobsen, chief economist at Annex Wealth Management. After the report, the yield on the 10-year Treasury fell to 4.50% from 4.55% late Thursday. Stocks in industries that tend to benefit the most from easier interest rates helped lead the market Friday. Real-estate stocks in the S&P 500 jumped 1.9% as a group for one of the biggest gains among the 11 sectors that make up the index. On the losing end of Wall Street were several tech stocks. Trump Media & Technology Group slumped 5.3% in its first trading following the conviction of Donald Trump on felony charges Thursday. All told, the S&P 500 rose 42.03 points to 5,277.51. The Dow leaped 574.84 points to 38,686.32, and the Nasdaq slipped 2.06 to 16,735.02. In stock markets abroad, indexes were mixed across Asia and Europe. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.