Daily Market Recap -
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Updated Each Business Day at Approximately 4:30 pm ET
The major indices were calm ahead of Memorial Day weekend with the Dow, S&P 500, and NASDAQ all closing essentially flat on the day. In economic news, first quarter GDP growth was revised to 1.2% from the initial reading of 0.7%. Economists are expecting growth to pick up to 3% in the second quarter. Durable goods orders fell in April for the first time in five months. Orders declined 0.7% versus expectations for a 1% drop. Sweet crude for July delivery closed up around 1.7% at $49.72 per barrel.

The Dow Jones Industrials declined 3 points to close at 21,080. The S&P 500 was up one point at 2,416. The NASDAQ advanced 5 points to finish the day at 6,210 as the small caps of the Russell 2000 moved 1 point lower to 1,383. Dow Transports were up 12 points to 9,176, while the Dow Utility Index was flat at 720.

Trading volume totaled 683 million shares on the New York Stock Exchange while 389 million shares were exchanged on the NASDAQ. There were slightly more than 1 stock higher for every 1 lower on the New York Stock Exchange and slightly more than 1 stock declining for every 1 advancing on the NASDAQ. U.S Treasury securities were essentially flat today with the 5-, 10-, and 30-year yields closing at 1.79%, 2.25%, and 2.91%, respectively.

Clients with questions concerning this Afternoon Comment are advised to contact Tyler Agee at: 1-800-444-1854 x8686 or (502) 588-8686. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738.