SmartTrend Market Close Wrap Up: May 28, 2010
Themajor US equity indices closed lower Friday following a downgrade of Spain’s debt rating, which increased investor’s fears over European credit. Fitch Ratings lowered Spain’s long-term foreign and local currency issuer default ratings from AAA to AA+. The Commerce Department said that consumer spending was flat in April and that personal income rose 0.4%, which just missed economists’ expectations for an increase of 0.5%. The Reuters/University of Michigan consumer sentiment index rose to 73.6 from a preliminary May reading of 73.3. The Chicago PMI fell to 59.7 in May, down from 63.8 last month, missing consensus estimates that the index would fall to 62