S&P 500 jumps 6.2% in May to log best month since 2023

US stocks broadly jumped in May, with the S&P 500 registering its best month in over a year.

The large-cap index rose 6.2%, the best monthly performance since November 2023, according to S&P Global Market Intelligence data. The Dow Jones Industrial Average, meanwhile, jumped 3.9% and the small-cap focused Russell 2000 gained 5.2%.

Stocks gained during the month following a tumultuous April, when President Donald Trump's announcement of tariffs against all US trading partners rocked markets. May's gains followed three straight months of declines for the S&P 500.

Sectors

All but one of the S&P 500's sectors — healthcare — rose during May.

Information technology stocks performed best among S&P 500 sectors, gaining 10.8%. Within the sector, 55 of 69 stocks rose, with the largest gain for Seagate Technology Holdings PLC at 29.6%.

Meanwhile, more than half of the S&P 500's 60 healthcare stocks dropped in May. UnitedHealth Group Inc. shares fell the most within the sector, dropping 26.6%.

Overall, the healthcare sector shed 5.7% during the month.

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Largest gains, drops

UnitedHealth Group was also the worst-performing S&P 500 stock overall in May. The health insurer's shares suffered during the month after reporting weaker-than-expected quarterly earnings and news that the company was facing a US government investigation into possible Medicare fraud.

NRG Energy Inc. shares, meanwhile, performed the best among the S&P 500 with a 42.3% rise. The company's stock rose on better-than-expected earnings and the announcement that it would acquire gas-fired generation and virtual power plant capacity from LS Power Development LLC.