Here's what you should know:
This month, the S&P 500 surged over 2%, ending at 1,923.5. The Nasdaq experienced an even more dramatic rebound after two months in the red, adding 3.1% in May. The Dow hit a new high of 16,717.
In another telling sign of a rebound, the CNNMoney Fear & Greed index is in neutral territory. It had been languishing in fear for weeks.
2. Market movers: Allergen, Salesforce, Big Lots, Ann Taylor -- Shares of Allergan (Fortune 500) spiked almost 6% after hedge fund manager Bill Ackman and , Valeant Pharmaceuticals ( boosted their takeover bid for the Botox maker. )
Big Lots (Fortune 500) soared 13% after the retailer topped analysts' earnings expectations and raised its outlook for the rest of the year. ,
Salesforce ( shares fell after initially getting a bump from the company's )announcement of a partnership with Microsoft.
Speaking of Microsoft, the news that the company's former CEO Steve Ballmer will buy the L.A. Clippers for $2 billion is having an effect on the stock of Madison Square Garden. Shares of MSG (, owners of the Knicks and the Rangers, rose more than 3% today as investors bet that the size of the Clippers deal will translate into a )high valuation for New York teams, which play in the biggest market in the country.
Shares of Ann Taylor (popped 4% after the women's apparel retailer beat earnings estimates, boosted by sales increases in its more casual LOFT brand. )
3. Golden Apple? Apple shares traded as high as $644 Friday, but dipped back down to $633 by the closing bell. Still, the stock is up 7% in the last month, and is only about 11% away from its September 2012 all time high.
Apple has benefited recently from its $3 billion acquisition of Beats, as well as anticipation ahead of a developer's conference Monday. There's also excitement about Apple's seven-to-one stock split in early June.
But one StockTwits trader wasn't buying into the Apple hype just yet.
StockTwits user PaulCloutier thought the Apple excitement was warranted.
"$AAPL Some people were not convinced about apple and now they change their mind, thats all. Bullish," he said.
4. International action: European markets finished mostly lower, with shares of BNP Paribas ( off by more than 2%. The )Wall Street Journal reported that U.S. authorities were pushing the bank to pay more than $10 billion to settle a criminal probe of alleged sanctions violations.
Asian markets ended with mixed results.
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