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I confirm my intention to proceed and enter this websiteUS stocks closed on a mixed note on the final trading day of the first quarter, right before the Easter holiday. The S&P 500 inched up by 0.1% to set a new record, the Dow Jones Industrial Average increased by 47 points (0.12%), while the Nasdaq Composite dipped by 0.1%. This market activity took place as investors were on the lookout for the Federal Reserve’s key inflation metric and comments from Fed Chair Jerome Powell, expected the day after.
Despite a sluggish start to the trading day, the quarter closed with considerable strength in the equity markets, adding $4 trillion to the value of US stocks. The surge has been fueled by comments from Federal Reserve officials hinting at a cautious stance toward reducing interest rates.
For the quarter, the S&P 500 achieved a 10.2% gain, its best first-quarter performance since 2019. The Dow Jones posted a 5.6% gain, representing its strongest first-quarter finish since 2021, and the Nasdaq made significant strides with an 8.6% increase.
(S&P500 Index Six-month Chart)
The U.S. economy gained momentum in the fourth quarter of 2023, according to the Commerce Department’s third GDP estimate. The annualized growth rate was revised up to 3.4% from an initial 3.2%, propelled by vigorous consumer spending and higher business investment in structures like factories and healthcare facilities. Thursday’s report also noted a sizable jump in profits for non-financial corporations during 4Q. This confluence of rising profits and enhanced worker productivity could incentivize companies to retain their existing workforce, potentially extending the economic expansion.
(U.S. GDP Growth Rate,Bureau of Economic Analysis)
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