Wall Street rises to more records to close out its latest winning month
NEW YORK
Wall Street set more records Thursday as U.S. stocks coasted to the close of their latest winning month and quarter.
The S&P 500 added 5.86 points (0.1%) to its all-time high set a day before and closed at 5,254.35. That sent its gain for the year's first three months to a fat 10.2%. The only quarter that has been better in the past two years was the one that came just before.
The Dow Jones Industrial Average ticked up by 47.29 points (0.1%) to 39,807.37 and set a record. The Nasdaq dipped 20.06 (0.1%) to
16,379.46. It’s just shy of its all-time high. The Russell 2000 climbed 10.20 (0.5%) to 2,124.55.
The stock market has been on a nearly unstoppable run since late October, and the S&P 500 just capped its fifth straight winning month. It has leaped as the U.S. economy has remained remarkably solid despite high interest rates meant to get inflation under control. And with inflation hopefully still cooling from its peak, the Federal Reserve has indicated it will likely cut interest rates several times this year.
Thursday was the last day of trading for both the U.S. stock and bond markets this month and quarter. Financial markets will be closed today for Good Friday.
Most stocks scrambled higher during the quarter, led by a pocket of companies riding Wall Street's continued frenzy around artificial-intelligence technology. Nvidia, whose chips are powering much of the AI rush, surged 82.5%.
The only stock in the S&P 500 to do better was Super Micro Computer, which just joined the index recently because it has also been caught up in AI mania. The company, which sells server and storage systems used in AI and other computing, saw its stock soar a staggering 255.3%.
They more than made up for stumbles during the quarter by companies such as Tesla and Boeing. Tesla fell 29.3% to continue its volatile run, having more than doubled last year. Boeing, meanwhile, sank 26% as worries mounted about its safety and manufacturing quality.
In the bond market, Treasury yields inched higher Thursday following some mixed reports on the economy.