Dow climbs more than 200 points on the first trading day of May, retail stocks lead gains

for $5 billion. The sale allows Verizon to offload properties from the former internet empires of AOL and Yahoo.

Data going back to 1928 shows that the May-October period has the lowest average and median returns of any six-month period of the year with the S&P 500 up 66% of the time on an average return of 2.2%, according to Bank of America. "This is a small number of observations, but May-October has lackluster average and median returns after a November-April rally of at least 20%," Stephen Suttmeier, technical research strategist at Bank of America, said in a note.

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