Stocks have mixed day, mixed month
Dell's earnings give a lift to the technology sector at the end of an uneven month on Wall Street.
NEW YORK (CNNMoney.com) -- Tech stocks rallied for the fourth session in a row on Friday, on Dell's improved earnings. But the broader market struggled amid rising oil and gas prices, and a mix of economic news that did little to temper fears about a slowdown.
The Dow Jones industrial average (INDU) lost a few points. The broader Standard & Poor's 500 (SPX) index gained 0.2% and the Nasdaq composite (COMP) gained 0.6%.
For the month of May, the Dow lost 1.4%. However, the S&P 500 gained around 1% and the Nasdaq gained roughly 4.5%.
Stocks sank last week as oil prices hit an all-time high around $135 a barrel and investors backed off ahead of a long Memorial Day weekend. But this week, stocks have been on the rise as the dollar has firmed up and oil prices have backed off a bit.
A Thursday report showed first-quarter GDP growth was better than initially reported, while Friday's economic news was mixed. Reports showed an uptick in personal income, in-line inflation, weaker consumer sentiment and continued weakness in manufacturing.
"The reports basically confirm a continued sluggish economy," said Tom Hepner, financial adviser at Ruggie Wealth Management.
Stocks rallied from mid-March through mid-May, as investors breathed a sigh of relief that the worst of the credit crisis appears to have passed. Since then, stocks have slumped on the rise in oil prices and bounced back this week.
That range-bound trading is not likely to change anytime soon, Hepner said, as investors move through the often-tricky third quarter.
Monday, the first trading day of June, brings economic reports on construction spending and manufacturing. No market-moving earnings reports are due.
Economic news: Morning reports reflected the nation's current period of sluggish growth.
Personal income rose 0.2% in April, the government said, matching forecasts. Personal spending rose 0.2%, also as expected. Core PCE, the report's closely watched inflation measure, gained 0.1% as expected. (Full story)
Chicago PMI, a regional read on manufacturing, rose to 49.1, edging expectations. However, any reading below 50 shows continued weakness in the sector.
The University of Michigan's May consumer sentiment index was revised higher to 59.8 from an initial reading of 59.5. The index stood at 62.6 in April.
Company news: Dell (DELL, Fortune 500) reported higher quarterly sales and earnings late Thursday that topped estimates thanks to cost cutting, notebook sales and growth in markets overseas. Shares gained 5.7%. (Full story.)
Marvell Technology (MRVL) reported sales and earnings that beat forecasts, sending shares 23.3% higher in active Nasdaq trading.
In other news, United Airlines and US Airways formally abandoned plans to merge - a combination that would have created the world's largest airline, but also would have limited routes and boosted ticket prices. Shares of United parent company UAL (UAUA, Fortune 500) rose modestly, while US Airways (LCC, Fortune 500) stock lost 8.3%.
Market breadth was positive. On the New York Stock Exchange, winners beat losers 9 to 7 on volume of 1.43 billion shares. On the Nasdaq, advancers beat decliners by a narrow margin on volume of 2.18 billion shares.
Oil prices: U.S. light crude oil for July delivery rose 73 cents to settle at $127.35 a barrel on the New York Mercantile Exchange, offsetting early gains. On Thursday, oil prices had slipped more than $4 a barrel.
Gas hits 23rd record high: The national average price for a gallon of regular unleaded gas rose to a record $3.962 from the previous day's record of $3.952, AAA reported.
Other markets: Treasury prices rose, lowering the yield on the 10-year note to 4.05% from 4.07% late Monday. Bond prices and yields move in opposite directions.
The dollar fell versus the euro and gained versus the yen.
Gold prices rose, bouncing back after several down days. COMEX gold for August delivery rose $9.80 to settle at $891.50 an ounce. 
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