S&P 500 closes higher to secure strongest Q1 since 2019
The S&P 500 closed out the week with slight gains on Thursday, with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking toward the next inflation reading.
Each of the three main U.S. indexes recorded solid quarterly gains, led by a climb of 10.16% for the S&P 500, aided by optimism over artificial intelligence-related stocks and expectations the U.S. Federal Reserve will begin to cut interest rates this year.
The blue-chip Dow sits less than 1% away from breaching the 40,000 level for the first time.
Data on Thursday showed the U.S. economy grew faster than previously estimated in the fourth quarter, partly due to strong consumer spending, while a separate report showed initial jobless claims indicated the labor market remains on solid footing.
The Dow Jones Industrial Average rose 47.29 points, or 0.12%, to 39,807.37; the S&P 500 gained 5.86 points, or 0.11%, to 5,254.35; and the Nasdaq Composite lost 20.06 points, or 0.12%, to 16,379.46.
Markets will be closed Friday for the Good Friday holiday.
Dutch semiconductor manufacturing technology company ASM announced its plans to build a $325 million headquarters in Scottsdale, Ariz., in December. This is a rendering of the planned headquarters.
the campus in 2026, which will be when it marks 50 years in Arizona. The project is in the early stages for the city review process.
Theater chain AMC to sell up to $250M worth of stock
AMC Entertainment will sell up to $250 million worth of its stock in an atthe-market offering, the theater chain said on Thursday, as it looks to bolster its cash reserves in the face of a weak box office.
Shares of the Leawood, Kansasbased company were down more than 11% in early trading, and have fallen about 29% so far this year.
AMC will also use the proceeds to pay down its debt and has signed a deal with firms including Citigroup Global Markets, Barclays Capital and Goldman Sachs & Co for the share sale.
Boeing’s new commercial jet chief sees ‘pivotal moment’
The new head of Boeing’s troubled commercial airplane unit said the U.S. jet maker faces a “pivotal moment” as it works to boost quality and address significant concerns from regulators and airline customers after a panel flew off a 737 MAX 9 jet in January.
“This is a pivotal moment for us, and we have serious work ahead to build trust and improve our operations,” said Stephanie Pope, who was named president and CEO of Boeing Commercial Airplanes on Monday, in an email to employees seen by Reuters.
Pope was named chief operating officer in December and retains the title after holding a wide range of prior jobs at Boeing.
On Monday, Boeing CEO Dave Calhoun announced he would leave by the end of the year, while the company’s longtime head of commercial airplanes, Stan Deal, retired effective immediately and board chair Larry Kellner stepped down and was replaced as chair by director Steve Mollenkopf.
Ford considers making new SUV in Valencia, Spain
Ford is considering making a new SUV at its plant in Valencia in Spain, the company said on Thursday.
“Given the changes we see in the industry, we believe there is an opportunity to add an all-new multi-energy SUV to the Europe cycle plan, to be manufactured in Valencia,” the automaker said
Spanish newspaper Cinco Dias first reported that Ford was weighing production of a new passenger car at the Almussafes plant in Valencia.
The plant, which employs 4,800 people, makes only the Ford Kuga after other models were cut back in recent years.
The General Workers Union (UGT) told Cinco Dias on Thursday: “Almussafes will have a new vehicle and will maintain a sufficient workload.”
US carriers launch flights to Tulum, Mexico
It just got easier to visit resorts on the Mayan Riviera in Mexico. U.S. airlines began flights to the new airport in Tulum on Thursday, and more service is planned for the area in the coming months. The new flights mean visitors to the broader Cancún area can bypass the main airport and save on travel time to resorts and other attractions in Riviera Maya.
Tulum’s Felipe Carrillo Puerto International Airport officially opened in December and service has been ramping up since. American Airlines and Delta Air Lines were to start flights Thursday, with United and JetBlue planning to begin service to the airport soon, and Spirit also planning to fly there down the road. American will offer two daily flights between Dallas and Tulum, and one daily round-trip from both Charlotte and Miami. Delta will offer a daily round trip from its Atlanta hub.