The S&P 500 and Dow Jones Industrial Average closed at a fresh record on Thursday.
The broader market index rose 0.11% to settle at 5,254.35, cinching its best first-quarter since 2019. The 30-stock Dow rose 47.29 points, or 0.12% and settled at 39,807.37, bringing it a hair’s breadth away from the 40,000 level. The tech-heavy Nasdaq Composite, on the other hand, slipped 0.12% to finish at 16,379.46.
For the quarter, the S&P 500 added 10.2% for its best first-quarter gain since 2019, when it rallied 13.1%. The 30-stock Dow advanced 5.6% during the period for its strongest first-quarter performance since 2021 when it jumped 7.4%. The Nasdaq ended the quarter with a 9.1% pop.
On the month, the S&P 500 was higher by 3.1%. The Nasdaq added 1.8% in March, while the Dow climbed 2.1%. It was the fifth straight winning month for all three major averages.
Driving the gains this quarter and month has been Nvidia, last year’s market leader, as the artificial intelligence craze shows no signs of slowing. The stock soared 82.5% for the quarter and gained 14.2% in March alone.
On the economic front Thursday, initial filings for unemployment insurance for the week that ended March 16 came in at 210,000, slightly lower than the 211,000 that economists surveyed by Dow Jones had predicted.
“As we head into next week, the data gets a lot heavier, so we’ll have more catalysts to drive things around, but I would say on balance, this has been the end to a really good month and a really good quarter and it’s nice to finish up and head into the weekend on a super upbeat tone,” said Art Hogan, chief market strategist at B. Riley Wealth.
The Federal Reserve’s preferred inflation measure — the personal consumption expenditures report — is due Friday morning. Though markets will be closed for Good Friday, the results of this reading could sway markets in the approaching week. – CNBC
