Stocks struggled
higher Friday as
investors welcomed Dell's improved earnings and a bigger-than-expected rise in
personal income, but held back amid rising oil and gas prices.
Stocks gained Thursday on sliding oil prices, a rallying dollar
and a report that showed first-quarter GDP growth was better than initially
reported.
Economic reports: Personal income rose 0.2% in April, the
government said, matching forecasts. Personal spending rose 0.2%, as expected.
Core PCE, the report's closely-watched inflation measure, gained 0.1% as
expected. Chicago PMI, a regional manufacturing survey, rose 1.7% to 49.1.The results topped the expected reading of
48.5.It is the fourth straight month
that the reading has reflected contraction in manufacturing activity in the Chicago region.The stock market had a mostly muted response
to the data. Separately, the May University of Michigan consumer sentiment
reading was revised slightly higher to 59.8 from 59.5.Sentiment declined 4.5% from April.
Among corporate news: The PC-maker Dell reported higher
quarterly sales and earnings late Thursday that topped estimates thanks to cost
cutting, notebook sales and growth in markets overseas.
Commodities: U.S. light crude oil for July
delivery rose $1.28 to $127.90 a barrel, following a slump of more than $4
Thursday.