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Stock Market News: Dow and S&P 500 Hit Closing Highs
The three major indexes had a strong first quarter.
Last Updated:
March 28, 2024 at 7:46 PM EDT
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The Dow Jones Industrial Average and S&P 500 ended a strong quarter on a high note, notching record closing highs.
The S&P 500 had its best first quarter since 2019, and marked its best first quarter performance since 2021.
The day's top movers include DJT stock—shares for Trump Media & Technology Group were down over 6%. AMC stock tumbled after the company announced a stock sale.
Bond market trading ended early today. U.S. stock and bond markets will be closed Friday, but the Bureau of Economic Analysis will release February’s personal-consumption expenditures price index.
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The S&P 500 and Dow Jones Industrial Average each capped off a strong first quarter on Thursday with another record close.
The Dow Jones Industrial Average was up 47 points, or 0.1%. The S&P 500 was up 0.1%. The Nasdaq Composite was down 0.1%.
The Dow rose about 5.7% this quarter, marking its best first quarter performance since 2021, when it rose 7.8%. The S&P rose more than 10%, locking in its best first quarter since 2019, when it rose 13%. The Nasdaq rose more than 9%, but couldn’t top its 16.8% gain from the first quarter of 2023.
The 2-year Treasury yield hit 4.618%, while the 10-year yield was up to 4.192%.
Thursday marked the end of the week, month, and quarter for the big three indexes because U.S. equity and bond markets will be closed for Good Friday.
That said, market observers will be paying close attention to Friday’s personal consumption expenditures price index. Federal Reserve Chair Jerome Powell will also appear at the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference for a moderated discussion.
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Crude oil futures end 1Q with double-digit gains in a tightly supplied market.
Among the commodities, crude oil is one of the largest risers year-to-date, "propped up by the OPEC+ decision to extend voluntary output cuts and geopolitical risks, as energy infrastructure has been increasingly targeted in the Russia-Ukraine war," Capital Economics commodities economist Kieran Tompkins says in a note. "However, we think prices will come under pressure as the prop from supply cuts will be removed in the second half of the year."
WTI settles up 2.2% at $83.17 a barrel, chalking up a 16% gain in 1Q. The May Brent contract expires at $87.48 a barrel, up 1.6% on the day and 14% higher for the quarter.
U.S. natural gas futures settle higher on a slightly bigger-than-expected 36 Bcf storage draw for last week, but end the first quarter down sharply after an exceptionally mild winter that kept a lid on heating demand and prompted some major producers to cut drilling and output plans.
The storage draw "is likely to increase draw sizes for next week's EIA report, especially with the report seemingly confirming production is as tight as suggested," NatGasWeather.com says in a note.
Natural gas for May delivery settles up 2.6% at $1.763/mmBtu, but is down 30% in 1Q.