Wall Street Sets Records as Stocks Close Winning Month and Quarter
In a remarkable display of strength, Wall Street set more records on Thursday as U.S. stocks coasted to the close of their latest winning month and quarter. The S&P 500 added 5.86 points, reaching an all-time high and closing at 5,254.35. This marked a 10.2% gain for the year’s first three months.
The Dow Jones Industrial Average also ticked up by 47.29 points, setting a new record at 39,807.37. The Nasdaq composite dipped slightly, but remains close to its own all-time high at 16,379.46.
The stock market has been on an impressive run since late October, with the S&P 500 capping its fifth straight winning month. This surge comes as the U.S. economy remains solid despite the Federal Reserve’s efforts to control inflation with high interest rates.
Notable performers during the quarter include companies in the artificial-intelligence technology sector. Nvidia, a key player in the AI industry, saw its stock surge by 82.5%. Super Micro Computer, a recent addition to the S&P 500, saw its stock soar by 255.3%.
However, not all stocks fared well during the quarter. Tesla fell by 29.3%, continuing its volatile run, while Boeing sank by 26% amid concerns about safety and manufacturing quality.
In other news, Trump Media & Technology Group, the company behind former President Donald Trump’s Truth Social social media platform, saw a 6.4% decline after two days of significant gains.
Mixed reports on the economy emerged on Thursday, with one indicating stronger growth in the final three months of last year and another showing a solid job market with fewer workers applying for unemployment benefits.
Overall, the bond market saw a slight increase in yields, with the 10-year Treasury rising to 4.20% and the two-year Treasury reaching 4.62%.
Abroad, Tokyo’s Nikkei 225 experienced a 1.5% slump, while movements in other regions were more modest.
As the financial markets close for Good Friday, investors will be eagerly awaiting the next chapter in this remarkable story of Wall Street’s record-setting performance.
