Week ending May 26: Some good news ends two-week slide.
Markets ended a two-week slide on small doses of positive economic news. Personal income rose 0.5% for the month, and the economy grew at an annual rate of 5.3% in the first quarter. Thanks in part to strong gains on Thursday and Friday, the Morningstar US Market Index ended the week of May 26 ahead by 0.98%.
Value stocks continued to assert their dominance as the Morningstar Value Index expanded its year-to-date lead over the Morningstar Growth Index. The Morningstar Large Value Index was the pick of the week among the nine Morningstar style indexes, posting a gain of 1.53%. The Morningstar Mid Cap Growth Index was the only index to finish the week in the red. It had a 0.01% loss.
Energy, financial services, and telecommunications firms dominated the Morningstar Large Value Index. Energy stocks benefited from a midweek rebound in oil prices, lifting ExxonMobil
Telecommunication firms AT&T