Stocks significantly pared losses by the end of the session, though still ended slightly lower. All indexes rose in May, though, on earnings strength at the tailend of the reporting season. Perrigo (PRGO) was the best performer on the S&P 500 following better-than-expected results over its first quarter. The pharmaceutical company generated earnings per share seven cents higher than anticipated. Vera Bradley (VRA) also rose after posting a narrower quarterly loss than forecast, though sales did fall shy of estimates. The luxury chain also announced plans to close as many as 15 underperforming locations over fiscal 2018. Movie theater chain AMC Entertainment (AMC) declined after the domestic box office endured its worst Memorial Day weekend since 1999. New debuts Baywatch and Pirates of the Caribbean failed to boost ticket sales.
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