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U.S. stocks hovered near the unchanged mark on Friday as mixed economic data gave investors little incentive to buy stocks on the last trading day of May. The S&P 500 opened at an intraday record high, but further gains may be difficult to come by until next week, when payrolls data and a meeting at the European Central Bank will be the major catalysts. U.S. consumer spending fell for the first time in a year in April after two months of solid gains, but the decline probably will not change expectations for a rebound in growth this quarter.

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