The stock market today dodged the threat of a holiday weekend sell-off, giving Wall Street its best week in the past two months.
With stocks up solidly over the previous four days but a long weekend looming, the market was set up for a cautionary retreat. The fear was that investors would cash in some of their profits, rather than take the risk that before next Tuesday something might happen in the Middle East that would bode badly for stocks.
But traders didn't bail out -- at least not in enough numbers to do much damage.
The Nasdaq Stock Market composite index managed to keep its winning streak alive for the sixth day in a row, climbing two points to 1,986.74.
The six-day streak ended, however, for the Standard & Poor's 500 stock average, which slipped just under a point to 1,120.68. The Dow Jones industrial average fell nearly 17 points, closing at 10,188.45.
All the indexes were up for the week -- the Dow climbed nearly 222 points, the S&P picked up 27, the Nasdaq 75.
The Nasdaq composite also was up for the month of May, by 60 points and the S&P had a 13-point advance for the month. But the Dow was down, slipping 37 points as the result of an early-in-the-month slide that could not be made up by the gains in the past few days.
Because of the three-day weekend, today's trading was the slowest in several weeks, making it difficult to assess Wall Street's response to several economic reports issued today.
Personal incomes grew by 0.6 percent last month and personal spending increased by 0.3 percent, the Commerce Department reported.
The two gains confirmed that the economy is still growing at a reasonable rate, but another report suggested the growth may be a little faster than economists consider desirable. A private industry index of manufacturing in the Midwest jumped from 63.9 to 68 in May, an unexpectedly large advance. Traders interpreted the strong growth as another reason for the Federal Reserve to raise interest rates -- which is generally not good for the stock market.