U.S. stocks closed mixed Tuesday, the last trading day of May, as investors eyed economic reports for indications on the timing of the next rate hike.
"The data today was somewhat mixed," said Jack Ablin, chief investment officer at BMO Private Bank. "Perhaps investors (are) still weighing the implications of higher, short-term rates."
The Dow Jones industrial average clung to mild gains for the month, marking its first four-month win streak since June 2014. ( Tweet This ) The S&P 500 closed 1.5 percent higher for the month, its first three-month win streak since June 2014. U.S. markets were closed Monday for Memorial Day.
The major averages ended well off session lows, with the Nasdaq composite closing higher to post monthly gains of 3.6 percent. Shares of Amazon.com hit a fresh all-time high and posted three-straight months of gains.
Traders attributed the intraday decline to profit-taking after last week's gains and some disappointing reads on consumer confidence and regional manufacturing.
"Going into June I think there's a lot of risk on the table," said John Caruso, senior market strategist at RJO Futures. Both OPEC and the European Central Bank are due to meet this week, ahead of the Federal Reserve meeting and the "Brexit" vote scheduled for later in the month.
Declines in oil prices also weighed. WTI futures settled down 23 cents, or 0.47 percent, at $49.10 a barrel, but still posting its first four-month win streak since 2011.