Tuesday's big fallout left the Dow's gains for the month at great risk. The Industrial Average was close to erasing all of May's gains before a late-stage rally brought the index back up by 147 points into the close.
With only two trading days left in the month, May looks to follow April with a gain of less than one percent. April's total gain was a mere 50 points, following massive losses in February (-1120.19) and March (-926.09). With Europe's problems far from over (Italy being the main culprit), selling in May could turn out to be the most prudent - if not cliched - advice as global events are continuing to tarnish the shine on America's nascent economic rebirth.
Italians, struggling with immigration issues, have seen their government devolve into autocracy, as president Sergio Mattarella unilaterally quashed the creation of a right-leaning government coalition.
Chaos in Italy has sparked a run on bonds and European banks, spreading to stocks. On Tuesday, most of the major national exchanges saw losses in excess of one percent, adding onto previous declines.
News out of Britain also contributed to the sea of madness, as authorities arrested activist Tommy Robinson and immediately sentenced him to 13 months in prison, adding a media ban on his arrest and the pedophile grooming trial on which he was attempting to report. The unjustified jailing of Robinson has sparked outrage and rallies for his release throughout Britain and some European capitals.
Overarching political events are merely masking the underlying weakness in global markets which still seem incapable of forgetting the Great Financial Crisis of 2008 and Europe's own mini-crisis in 2011. Since little to nothing was done to correct the issues which plagued the world's largest economies, the past appears to have risen from the crypt and threatens to plunge economics and nations into another depressing episode.
With the Dow taking its worst loss in over a month, January 23rd's all-time high of 26,616.71 is now four months off in the fading distance. Bear market dynamics continue to drive a stake into the heart of the "recovery" narrative.
| Date | Close | Gain/Loss | Cum. G/L |
| 5/1/18 | 24,099.05 | -64.10 | -64.10 |
| 5/2/18 | 23,924.98 | -174.07 | -238.17 |
| 5/3/18 | 23,930.15 | +5.17 | -233.00 |
| 5/4/18 | 24,262.51 | +332.36 | +99.36 |
| 5/7/18 | 24,357.32 | +94.81 | +194.17 |
| 5/8/18 | 24,360.21 | +2.89 | +197.06 |
| 5/9/18 | 24,542.54 | +182.33 | +379.39 |
| 5/10/18 | 24,739.53 | +196.99 | +576.38 |
| 5/11/18 | 24,831.17 | +91.64 | +668.02 |
| 5/14/18 | 24,899.41 | +68.24 | +736.26 |
| 5/15/18 | 24,706.41 | -193.00 | +543.26 |
| 5/16/18 | 24,768.93 | +62.52 | +605.78 |
| 5/17/18 | 24,713.98 | -54.95 | +550.73 |
| 5/18/18 | 24,715.09 | +1.11 | +551.84 |
| 5/21/18 | 25,013.29 | +298.20 | +850.04 |
| 5/22/18 | 24,834.41 | -178.88 | +671.16 |
| 5/23/18 | 24,886.81 | +52.40 | +723.56 |
| 5/24/18 | 24,811.76 | -75.05 | +648.51 |
| 5/25/18 | 24,753.09 | -58.67 | +589.84 |
| 5/29/18 | 24,361.45 | -391.64 | +198.20 |
At the Close, Tuesday, May 29, 2018:
Dow Jones Industrial Average: 24,361.45, -391.64 (-1.58%)
NASDAQ: 7,396.59, -37.26 (-0.50%)
S&P 500: 2,689.86, -31.47 (-1.16%)
NYSE Composite: 12,442.69, -192.25 (-1.52%)
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