After digesting the latest economic data and awaiting the next inflation report, the S&P 500 completed the week with small gains on Thursday, marking its strongest first quarter in five years.
The three main U.S. indexes rose 10.16% in the quarter, topped by the S&P 500, boosted by optimism over AI stocks and predictions the Federal Reserve will cut interest rates this year.
On Thursday, the U.S. economy grew faster than expected in the fourth quarter thanks to strong consumer spending, while initial jobless claims revealed the labor market is healthy.
"The economy is good, consumers are spending, unemployment is low, and certain regions are thriving... George Young, portfolio manager of Villere & Company in New Orleans, said money wants to be spent in many ways.
U.S. equities markets will be closed on Good Friday, but the Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE), will be released for indications on the timing and extent of rate reduction this year.
The Dow Jones Industrial Average (.DJI) increased 47.29 points, or 0.12%, to 39,807.37, the S&P 500 (.SPX) rose 5.86 points, or 0.11%, to 5,254.35 and the Nasdaq Composite (.IXIC) fell 20.06 points, or 0.12%, to 16,379.46.
Dow increased 0.84%, S&P 500 rose 0.39%, and Nasdaq fell 0.3% for the week. March saw the Dow rise 2.08%, the S&P 3.1%, and the Nasdaq 1.79%. The Dow rose 5.62%, the S&P 500 10.16%, and the Nasdaq 9.11% during the quarter.
After saying it will buy building products supplier SRS Distribution for $18.25 billion in its largest acquisition, Home Depot (HD.N) fell 0.59%. On the NYSE, advancing issues outpaced decliners 1.87-to-1. On Nasdaq, advancing issues outnumbered decliners 1.42-to-1.
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