(CNBC) — 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."
All three major averages turned lower, with the Nasdaq composite struggling to hold gains in afternoon trade. Traders attributed much of the decline to profit-taking after last week's gains.
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