US stocks inch higher

US Stocks eked out modest gains today ahead of the bank holiday weekend as investors eyed higher oil prices and a government report showing rising personal incomes but slower growth in consumer spending.

A separate report revealed a slight rise in consumer confidence, but trading was light, and stocks seemed to stall after reaching significant highs over the last seven weeks.

Except for the May employment report due next Friday, there may be few catalysts ahead.

“It’s a very quiet day,” said Todd Clark, head of listed equity trading at Wells Fargo Securities.

“It looks like a lot of people have already checked out for the start of the summer.”

The Dow Jones industrial average rose 4.95, or 0.05%, to close at 10,542.55, after a strong session on Thursday thanks to an encouraging report on gross domestic product growth.

The broader gauges were also modestly higher. The Standard & Poor’s 500 index edged up 1.16, or 0.10%, to close at 1,198.78. The Nasdaq composite index rose 4.49, or 0.2%, to 2,075.73.

Treasury prices were flat to lower in a holiday-shortened session, with the yield on the 10-year note rising to 4.10%, up from 4.08% late Thursday. The dollar was lower against other major currencies. Gold prices rose.

Crude oil for July delivery settled up 84 cents at US$51.85 (€41.23) per barrel on the New York Mercantile Exchange ahead of Memorial Day weekend, considered the official start of the summer driving season.