Stocks closed out a monster first quarter on a subdued note Thursday, with the S&P 500 and Nasdaq posting double-digit gains through the first three months of 2024, fueled by investor optimism about the state of economy.
Business
The S&P 500 has its best start to the year since 2019
The Dow Jones Industrial Average also posted a respectable first quarter with a 5.5 percent gain, which analysts saw as a welcome sign that the current rally is not entirely dependent on Big Tech.
The market's rise is driven by continued strength in the economy as consumers continue to open their wallets, analysts say.
Supported by a strong economic landscape and strong job market, coupled with resilient consumer spending, the Dow Jones has advanced to new highs, said Quincy Krosby, chief global strategist at LPL Financial.
The Dow closed at 39,807 on Thursday, up 0.1 percent for the day and setting a record. The S&P 500 closed at 5,254, up 0.1 percent for the day, while the tech-heavy Nasdaq fell 0.1 percent to close at 16,379.
The strong quarter for all three indexes extends gains from the final months of 2023, when a group of big tech stocks, dubbed the Magnificent Seven, pulled the market higher. The companies that have benefited from the hype around advances in artificial intelligence have impressed Wall Street the most, particularly Microsoft and Nvidia.
But the performance of markets so far in 2024 has also broadened the recovery. The Dow Jones, which includes 30 major companies listed on U.S. stock exchanges called blue chip companies, including Apple, Boeing, Nike and Walmart, is a closely watched indicator of stock market developments.
Because it excludes several of the Magnificent Seven, some analysts view it as more representative of the U.S. economy itself, Main Street Americas' preferred index, as Krosby puts it.
The Dow's strength suggests the current rally in stocks could endure, analysts said.
The Dow's success indicates this country's prosperity and an expanding economy, said Michael Farr of the Washington-based investment firm Farr, Miller and Washington.
One factor behind the Dow's strong performance is a rally in financial sector-related companies, which accounted for nearly half of its rise for the quarter, Farr said. American Express and insurance company Travelers have both gained about 20 percent year to date; Goldman Sachs rose more than 7 percent; and JPMorgan finished the quarter up about 16 percent.
The financial sector's recovery is being supported largely by the fact that consumer spending has held up better than expected, said Wayne Wicker of MissionSquare Retirement.
The resilience of the economy is a positive surprise for investors this year. The economy remains buoyant and consumer spending continues to grow, Wicker said.
Going forward, investors will also closely monitor interest rate developments. The Federal Reserve is holding rates at their current high until it sees further signs of falling inflation. But the central bank is expected to make three rate cuts in 2024.
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