All major indexes rise for the fifth month in a row. Dow and S&P 500 strike new records

MarketMar 29, 2024
 
New YorkCNN — US markets ended Thursday little changed, but all major indexes managed to mark their fifth consecutive winning month.

The S&P 500 was up 0.1% on Thursday, reaching a new record high. The Dow gained 47 points, or 0.1% also hitting a new high. The tech-heavy Nasdaq closed 0.1% lower.

Thursday was the final day of trading for March and the first quarter of 2024, wrapping up an outstanding quarter for US stocks.

The S&P 500 notched 22 new highs in the first three months of 2024 alone, and the Dow is just points away from reaching the key threshold of 40,000 for the first time ever.

For the quarter, the S&P 500 is about 10.2% higher, its strongest first quarter since 2019. The Dow is up 5.6% – its strongest first quarter since 2021. The Nasdaq, meanwhile, gained more than 9%.

Tech stocks like Nvidia and the AI-craze have helped drive stocks higher in the first quarter. Shares of the chipmaker have surged more than 80% during the first three months of the year.

Also fueling the market boom has been a potential pivot by the Federal Reserve to lower interest rates. About 64% of investors now think a rate cut will occur in June, according to the CME FedWatch tool.

US markets will be closed on Friday for the Good Friday holiday.

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