Markets continue record-setting run
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, or 0.1%, to its alltime 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’s been better in the last two years was the one that came just before.
The Dow Jones Industrial Average ticked up by 47.29 points, or 0.1%, to 39,807.37 and likewise set a record. The Nasdaq composite dipped 20.06, or 0.1%, to 16,379.46. It’s just shy of its own all-time high.
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’s 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 later this year.
Thursday was the last day of trading for both the U.S. stock and bond markets this month and quarter. Financial markets are closed on Friday 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’s 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 like 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.
The yield on the 10-year Treasury rose to 4.20% from 4.19% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, rose to 4.62% from 4.57%.
The hope on Wall Street is still that the Federal Reserve will begin cutting its main interest rate in June. Lower interest rates ease the pressure on the economy, while boosting prices for investments. But progress on bringing inflation down has become bumpier recently, with reports this year coming in hotter than expected.