U.S. stocks are holding relatively steady Thursday as Wall Street coasts into the close of its latest winning month and quarter. The S&P 500 was virtually flat in early trading after setting an all-time high the day before. It’s roared roughly 10% in this year’s first three months. The only quarter that’s been better in the last two years was the one that came just before.
Quick Read
- U.S. stocks are showing steady performance as Wall Street approaches the end of a successful month and quarter.
- The S&P 500 is nearly unchanged after hitting a record high, with a significant 10% increase over the first three months of the year.
- The Dow Jones Industrial Average and the Nasdaq composite are experiencing slight movements but remain close to their record highs.
- This positive trend is attributed to the resilience of the U.S. economy amidst high interest rates and the expectation of inflation cooling, leading to potential Federal Reserve rate cuts later in the year.
- Market conditions may be volatile due to institutional investors finalizing their first-quarter portfolios.
- Treasury yields have risen slightly following reports indicating stronger U.S. economic growth in the last quarter of the previous year and a solid job market.
- Notable stock movements include a 10.5% jump in RH despite its lower-than-expected earnings, attributed to optimistic forecasts for the housing market recovery.
- Chemours experienced a 12.2% drop despite surpassing quarterly expectations, due to identified weaknesses in its financial reporting controls.
- Asian and European markets showed mixed results, with Tokyo’s Nikkei 225 experiencing a significant drop amid speculation about potential support for the Japanese yen.
The Associated Press has the story:
Wall Street holds near records as it coasts to another winning month, quarter
Newslooks- NEW YORK (AP) —
U.S. stocks are holding relatively steady Thursday as Wall Street coasts into the close of its latest winning month and quarter. The S&P 500 was virtually flat in early trading after setting an all-time high the day before. It’s roared roughly 10% in this year’s first three months. The only quarter that’s been better in the last two years was the one that came just before.
The Dow Jones Industrial Average was up 26 points, or 0.1%, and the Nasdaq composite was 0.1% lower. Both are also close to their records.
The stock market has been on a nearly unstoppable run since late October, with the S&P 500 heading for 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.
Conditions in financial markets could be shaky Thursday, though, as mutual funds and other big institutional investors look to make their last moves before they close their books on the first quarter.
The bond market will close early in the afternoon. Both it and the U.S. stock market will be closed on Friday for Good Friday.
In the bond market, Treasury yields ticked higher following a couple reports on the economy. One said that the U.S. economy’s growth in the final three months of last year was stronger than earlier estimated. Another one said fewer U.S. workers applied for unemployment benefits last week, the latest indication of a solid job market.
The yield on the 10-year Treasury rose to 4.22% from 4.19% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, rose to 4.61% from 4.57%.
On Wall Street, RH jumped 10.5% even though the retailer of home décor reported weaker profit and revenue for the latest quarter than analysts expected. It also indicated demand is trending upward, and it gave a revenue forecast for the upcoming year that was slightly above analysts’ expectations.
Analysts said investors are ready to pounce on signs of a recovery in the housing market, with interest and mortgage rates expected to come down later this year.
Chemours fell 12.2% despite reporting better results for the latest quarter than analysts expected. The company said its board has completed its internal reviews of accounting issues and found some weaknesses in its internal control over financial reporting.
In stock markets abroad, Tokyo’s Nikkei 225 slumped 1.5% amid speculation about whether Japanese officials will make moves to support the value of the Japanese yen.
Movements were more modest across much of the rest of Asia and Europe.
