After trending higher over the past several sessions, the US markets ended the choppy session flat on Friday, as traders expressed some uncertainty about the near-term outlook for the markets following recent volatility. Some traders were also already away from their desks, looking to get a head start on the long Memorial Day weekend. Traders failed to get any sense of relief with the latest economic data, including a report from the Commerce Department showing that the U.S. economy grew by much more than initially estimated in the first three months of the year. The Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase. The street had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.
A separate Commerce Department report showed that new orders for manufactured durable goods pulled back by less than expected in the month of April. The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March. Economists had expected orders to slump by 1.4 percent. Excluding a drop in orders for transportation equipment, durable goods orders still fell by 0.4 percent in April after climbing by 0.8 percent in March. Ex-transportation orders were expected to rise by 0.4 percent. Meanwhile, the University of Michigan released revised data showing that consumer sentiment in May was virtually unchanged from the previous month.
The Nasdaq gained 4.94 points or 0.08 percent to 6,210.19 and S&P 500 was up by 0.75 points or 0.03 percent to 2,415.82, while Dow Jones Industrial Average edged lower by 2.67 points or 0.01 percent to 21,080.28.