Stocks: Let's hear it for May!

May 31, 2013: 9:05 AM ET
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NEW YORK (CNNMoney)

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%.

U.S. stock futures were lower Friday, one day after markets edged higher.

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.

Related: Fear & Greed Index, wallowing in greed

In corporate news, Nasdaq said Netflix (NFLX) will join the Nasdaq-100 (NDX) on June 6, replacing healthcare supplier Perrigo (PRGO).

Lion's Gate (LGF) 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 (PANW) plunged after the technology company swung to a big loss in the most recent quarter.

Related: Best deals in investing

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%.

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Index Last Change % Change
Dow 16,337.54 -42.87 -0.26%
Nasdaq 4,286.05 27.61 0.65%
S&P 500 1,892.99 6.23 0.33%
Treasuries 2.17 -0.03 -1.46%
Data as of 10:24am ET
Company Price Change % Change
Apple Inc 99.13 1.46 1.49%
Bank of America Corp... 16.23 0.02 0.12%
Facebook Inc 76.32 0.37 0.49%
International Busine... 168.65 -13.40 -7.36%
Cisco Systems Inc 22.82 -0.43 -1.85%
Data as of 10:10am ET