The first quarter of 2024 has come to a close with U.S. stock markets ending on a mixed note. Market participants were eagerly awaiting key inflation data for February to make predictions about the timing of the Fed’s first cut to the benchmark interest rate. With Wall Street closed on Friday for Good Friday observance, the three major stock indexes reported mixed results for the last truncated week.
The Dow Jones Industrial Average (DJI) rose 0.1% to close at 39,807.37, marking a fresh closing high. The tech-heavy Nasdaq Composite finished at 16,379.46, sliding 0.1% due to weak performance by technology bigwigs. The S&P 500 gained 0.1% to finish at 5,254.35, also marking a fresh closing high.
Economic data released during the week showed positive signs, with initial claims falling and U.S. GDP growing in the fourth quarter of 2023. The University of Michigan reported that the final reading of the consumer sentiment index for March beat expectations, while pending home sales in February also exceeded the consensus estimate.
Looking back at the weekly performance, the Dow and the S&P 500 saw gains while the Nasdaq Composite slipped, reflecting a shift in investor sentiment towards cyclical stocks. However, the overall monthly performance was strong, with all three major indexes recording gains in February.
The first quarter of 2024 was particularly impressive for Wall Street, with the Dow, S&P 500, and Nasdaq Composite all posting significant gains. The Dow surged 5.6%, the S&P 500 rallied 10.2%, and the Nasdaq Composite appreciated 9.1%, marking their best first-quarter performances in several years.
Overall, the first quarter of 2024 was a record-breaking one for Wall Street, setting a positive tone for the rest of the year. Investors will be closely watching for further developments and economic data in the coming months to gauge the market’s performance.
