Wall Street's traditional "Sell in May and go away" advice won't likely apply in 2013.
Barring a massive sell-off Friday, the major U.S. indexes will end the month with solid gains. So far this month, they're up between 3% and 4%, bringing their advance for the year to a hefty 16%.
Investors close out the week awaiting a handful of economic reports. The Commerce Department said both personal income and spending decreased slightly in April. Economists surveyed by Briefing.com had predicted a modest increase.
The latest edition of the Chicago Purchasing Managers' Index will be released at 9:45 a.m., followed closely by a report on consumer sentiment from the University of Michigan and Thomson Reuters.
In corporate news, Nasdaq said Netflix ( will join the )Nasdaq-100 ( on June 6, replacing healthcare supplier )Perrigo (. )
Lion's Gate ( shares rose after the media company said sales jumped 71% in the past fiscal year, helped by teen-oriented franchises Hunger Games and Twilight. )
Shares of Palo Alto Networks ( plunged after the technology company swung to a big loss in the most recent quarter. )
European markets took a tumble in midday trading. Benchmark indexes in France, Germany and the United Kingdom were all off by roughly 1%.
Unemployment in the troubled eurozone region hit a record high of 12.2% last month, according to the latest statistics from Eurostat.
Asian markets ended the week with mixed results. The Nikkei advanced by 1.4%, rebounding from Thursday's steep decline brought on by mounting concerns over the country's economic turnaround plan. The Hang Seng dipped by 0.4% while the Shanghai Composite index fell by 0.7%.