Stocks gain 4% in May | A record savings rate | Trump cuts WHO ties

Investors were relieved after President Trump's press conference on actions against China.

VIEW IN BROWSER | SUBSCRIBE FRI, MAY 29, 2020 EVENING BRIEF AS OF FRI, MAY 29, 2020 • 04:32 ET DJIA 25383.11 -0.07% -17.53 S&P 500 3044.31 +0.48% +14.58 NASDAQ 9489.87 +1.29% +120.88   Most Active DOW NAME LAST CHG %CHG KO 46.68 -0.41 -0.87% CSCO 47.82 +2.23 +4.88% PFE 38.19 +0.01 +0.03% S&P 500 NAME LAST CHG %CHG GE 6.57 -0.21 -3.10% BAC 24.12 -0.74 -2.98% MRO 5.34 -0.36 -6.32% NASDAQ NAME LAST CHG %CHG AMD 53.80 +2.06 +3.98% UAL 28.04 -0.85 -2.94% SIRI 5.82 +0.14 +2.46% EDITOR'S NOTE Bathroom tissue wasn't the only paper Americans have hoarded in the coronavirus pandemic.   As consumers cut spending they stockpiled cash, and the personal savings rate hit a record high of 33% in April, the U.S. Bureau of Economic Analysis reported Friday.  This is the highest level since the department started tracking it in the 1960s, CNBC's Maggie Fitzgerald reports.   "As long as the money is put in savings instead of being invested … it tends to curb growth and to weaken the potential of the economy," Gregory Daco, chief U.S. economist at Oxford Economics, said. Stocks were down for most of the day Friday, but they erased their losses and ended with gains after President Donald Trump announced steps his administration was taking against China. He cited a litany of grievances from spreading the coronavirus to threatening Hong Kong's autonomy. Investors were relieved the president did not mention tariffs or his "phase one" trade agreement with Beijing.   The S&P 500 and the Dow end May with 4% gains.   Mark Mobius of Mobius Capital Partners said he did not think rising tensions with China would be a drag on the market.   "A lot of this business with Hong Kong has been discounted," he said on CNBC's "Closing Bell." "As you know, we've been through riots in Hong for the last year. So I think we're now in a bull market again."     Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  S&P 500 ends wild day up slightly, bringing May gains to more than 4% Trump says the U.S. will cut ties with World Health Organization Trump taking action to eliminate special treatment for Hong Kong Oil jumps nearly 90% in May to $35, registering best month on record Track the latest coronavirus news here U.S. savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending Corporations raise $1 trillion in the bond market amid Fed backstop, double the pace of last year Fed snaps up $1.3 billion in corporate bond ETFs and we finally know which funds it's been buying Women are being hit hard by coronavirus job losses—these organizations are stepping in to help Twitter flags Trump tweet on Minneapolis for 'glorifying violence'     TOP VIDEO Fed Chair Powell on propping up Main Street lending   CNBC PRO Missed the growth stock trade? These names still have further to run, UBS says   SPECIAL REPORTS Health-care stocks rally: Trader has a way to play boom Most booze stocks are in the red heading into summer, but traders say one can play catch-up   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS