A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK (AP) - Wall Street ignored the old adage of "Sell in May and go away" -- until the last day of the month, anyway. Stocks dropped sharply in late trading Friday but still managed to end the month higher.
The Dow's 209-point drop on Friday was its biggest loss since April 15, when markets plunged on worries about an economic slowdown in China. The S&Ps 500 fell 24 points and the Nasdaq was down 35.
Still, the market managed to hold on to gains for the month, extending winning streaks for major indexes. The Standard & Poor's 500 index ended May with its seventh straight monthly gain, its best run since 2009, but the last two weeks have been choppy. The index has declined on five of the last seven trading days and had its first two-week decline since November.