Stocks Gain in May as Nasdaq Rebounds, S&P 500 Hits High

Equity markets worldwide rose for a fourth month, a rout in technology shares was erased and the Standard & Poor’s 500 Index reached a record in May as economic growth picked up and tensions between Ukraine and Russia eased.

“I don’t think the market is trading irrationally right now, but a lot of people assume that given the bull market run we’ve seen, there should be a pullback,” Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management in Parsippany, New Jersey, said in a phone interview. His firm oversees more than $600 million. “I point to the economic data that suggests I can make a more plausible argument for upside than a significant downside.”

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