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Stock Market Today: S&P500 in record close amid best Q1 performance since 2009

AuthorYasin Ebrahim
Published 03/27/2024, 08:05 PM
Updated 03/28/2024, 04:11 PM
© Reuters.

Investing.com-- The Dow and S&P 500 closed at new record highs Thursday, notching its best first-quarter performance since 2009 as the rally broadened out beyond tech amid optimism on rate cuts and data signaling a soft landing for the economy remains within in reach.

 At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 47 points, or 0.1% to a record close of 39,807.37. The S&P 500 rose 0.1% to a fresh record close of 5,254.35. While NASDAQ Composite fell 0.2%. For Q1, the S&P 500 gained about 10%, its best first-quarter gain since 2019, while the Dow rose nearly 6% to notch its best performance since 2021.

Q4 GDP growth revised higher 

The U.S. economy grew faster than previously estimated in the fourth quarter, with data released earlier Thursday showing gross domestic product increased at a 3.4% annualized rate in the fourth quarter, revised up from the previously reported 3.2% pace.

The revision reflected upgrades in consumer spending, nonresidential fixed investment, and state and local government spending, all underpinned by a resilient labor market.

A separate report showed initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 210,000 for the week ended March 23. 

However, investors are struggling to add to the previous session's strong gains after Fed Governor Christopher Waller, speaking at an Economic Club of New York gathering late Wednesday, said there was no hurry for the Fed to cut interest rates now, citing a slew of hotter-than-expected inflation readings in recent months. 

While Waller said that the central bank will eventually cut interest rates this year, he added current resilience in the U.S. economy gave the Fed substantial headroom to keep rates higher for longer.

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The main focus, however, will be on Friday’s release of the Fed’s favorite inflation gauge, the core personal consumption expenditures price index, when the market is shut for Good Friday, and is largely expected to factor into the outlook for U.S. interest rates.

Along with the PCE data, addresses from Fed Chair Jerome Powell and FOMC member Mary Daly are also due on Friday.

RH outlook trigger bullish upgrades from Wall Street "exceptional" demand; WBA delivers Q2 beat

RH (NYSE:RH) stock soared more than 7% after the home furnishing company reported "exceptional" demand for its new catalog of products, even after its fourth-quarter results missed expectations, as adverse weather and shipping delays weighed.

"RH has high performance expectations for its bevy of new, sharper-priced products rolling out in catalogs and to its stores through the year," Wedbush said after lifting its price target on the stock to $320 from $260. 

Walgreens Boots (NASDAQ:WBA) stock ended the day 3% higher after the pharmacy chain reported fiscal second-quarter sales that beat expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a “challenging” U.S. retail environment.

Take-Two, Home Depot in deal making acton

Take-Two Interactive Software (NASDAQ:TTWO) stock rose 1% after the video games developer agreed to buy U.S. game developer Gearbox Entertainment for $460 million,. 

Home Depot (NYSE:HD) closed below the flatline after the home improvement retailer announced plans to buy building materials supplier SRS Distribution in a $18.25 billion deal, bolstering its business among professional customers.

'Crypto King' Sam Bankman-Fried gets 25-year jail sentence

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Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, was convicted of stealing $8 billion from customers and sentenced to 25 years in prison.  

The sentencing comes just as crypto rebounded from it recent malaise with BTC up 3.2% to $70,872 in recent trading.

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

markets perform better under Democrat presidents. since 1945, the S&P 500 has averaged an annual gain of more than 11% during years when Democrats controlled the white house, as opposed to 6.9% average gain under republican presidents..
Bidenomics baby!
Notso, crime is rampant, the property tax increases that are coming will cripple housing and the cost of the illegal invasion will hurt black America.
We are so overdue for some selling. Couldn't help myself Picked up 100 TQQQ put contracts for next Friday late in the session. Hoping for April Fools Bulls on Monday.
sadiya
Just now uneducated started their buying spree.
Buying has worked out, so the uneducated have been successful/profitable in the market?
US stocks struggle for direction - not anymore... New record highs.
have you se n the latest data,gdp higher.claims lower,what manipulation?dont about anything,your head is like a rock casador
Wall St. keeps saying plenty of upside left. This means plenty of downside later. Probably just after the election.
Seriously? Do you think indices will rise non stop until November? No way, something bad will happen far earlier than elections.
no reason to deflate the bubble yet. also check the implied correlation...
I would hope you are right. I'm waiting with cash either way.
Waller said sth important, but uneducated pretend they didn't hear that and still buy.
Gotta put the toothpicks under yesterday's criminally manufactured gains. Can't have any more stress criminally inflating the DOW to 40K. Fraudulent, criminally manipulated JOKE.
No data, just uninformed fiction.
These numbers a few weeks back would have caused a selloff. Couple that with bad CPI reports the last 2 months and we can people are ignoring what Powell said, "are the last months just a bump or are they pointing to something worse?". Energy and home prices are soaring. Fed projected inflation numbers for this months are rising. Unemployment is low and GDP just got revised up. Record insider selling for the past 3yrs, and people pilling into Gold. There is a debt and comercial real estate problem out there aswell. And barely half of the Fed agrees on 3 cuts, the other half is aiming for less to none. Its a complacent euphoric market disconnected from the data.
Brad, if you read the article thru you would have read the data needed for the upcoming reports. you seemed to be the one dishing out the fiction.
You are right. That comment was supposed to be in response to another. I actually agree with you.
Looks like swashbuckling, savvy investors are piling into Gold
Now report on debt vs GDP and inflation vs GDP and let us know how things are going...
you can read that yourself.
best wait for last 30 min and buy everything. to the moon!!
You are late, it has started already 30 mins earlier :)
The FED inspired GDP has been revised higher...:-D
After yet another criminally manufactured "rally," no profit taking in the BIGGEST INVESTMENT JOKE IN THE WORLD.
@tom: You called Brad a maga nut? That's way too offensive and uncalled for!
@tom: Calling Brad a maga nut is super offensive and over the line! ;-)
Tom, I think Brads trying to be funny. Mitch is just being the usual ignorant conspiracy freak, throwing his usual shade against the markets, he obviously is trying to satisfy the the maga crazies.
Wall St. says 3 rate cuts in 2024. FED says there is no hurry to cut interest rates now. Careful wordsmithing is needed to keep the narrative alive to secure votes for the November election.
and if this was the Trump administration you would be celebrating the lies.
Don't put words in my mouth. The Biden administration is today's reality.
Tom didn't say you said Trump is potus. You're not THAT retrumplican. Tom used the word “if”. He should also use “were” instead of “was”.
looks like the FED chiefs are just playing the market, saying one thing one week and reversing the next, telling all their buddies what they're going to say and trading the markets for massive insider trading gains every day - utterly disgusting
stop with the conspiracies. global concerns and commodities play a part, as do global economies.
yeah, the stock markets keep hitting all time highs, oh the outrage never ends
Some bears have been complaining it's the same headline everyday. You guys should get your story straight. ;-)
No financial stress at all apparently, bubbles keep on inflating thanks to loads of money poured in the economy by governments - under Biden's team supervision, among others but not only. Also assets performances need to keep up with huge needs of money to pay for retireess pensions It is required that those who can, should keep on pumping and pumping as fast as ppossible in order to transfer enough money to former generations. Gvt spending, consumption, ...will end in firms pockets, which will then end in retiree's pockets. This on top of true productivity increases, also properly called growth if related to innovation.
SS and Medicare expenditures are part of the annual Fed govt budget, thus included in the overall Federal annual spending, and included in budget deficit/national debt calculations
“loads of money poured in the economy by governments” -- US money supply has been trending down since early 2022, the most since the Great Depression.
guy's All of you are Right ....it's who's getting the money and how it's spent that effects the economy. and how fast that money moves through the economy.
stocks have been relatively cheap the past 2.5 years
Ronaldo, stocks are at all time highs mostly due to stock buybacks and refusal to split shares in order to keep the average person out of the actual market. FACT!
"stocks are at all time highs mostly due to stock buybacks and refusal to split shares" -- how clueless are you? you don't know stock index like DOW or S&P 500 adjust for stock splits???
@ Matt: Considering the market is up ~45% in the last 1.5 years, "relatively cheap" ain't a bad description. @tom: Stock market at/near all-time high is the norm for more than a century. @Tre Hsi: Dow 30 is price-weighted.
Remember the Invasion and occupation of Iraq was not about stealing oil? The most obvious answer is usually the correct answer. The Fed is pumping the stock market to try to keep Biden in office. The US is already in a recession. The only reason the Fed will be lowering interest rates is to try to get the economy moving. One way or another, mass layoffs are coming. Profits on wall street are not increasing because of greater demand. They are increasing based upon price gouging and cost cutting. There is only so much of that that can be done before profits take a big hit.
"massive LNG sales to Europe due to the Biden Crime Syndicate blowing up Nordstream forcing its fellow NATO members to buy way more expensive LNG from the US" - if this was done by the Trump adminstration all the MAGA America First nutjobs would have applauded the out of box approach to increase US exports....
me ish, the inflation began under Trump and his spending spree aided by a global pandemic. your Biden crime family conspiracies is a false flag distraction by the right to deflect their criminal activity... all of which is documented.
the inflation in the last 2-3 years are mainly driven by energy price spikes (in large part Russian invasion of Ukraine) and supply chain disruption, the large govt expenditures contributed but it's probably not the leading factor
This FED pumped joke is up almost 500 points on nothing
Wheres the drag?.... if you care to ask or wonder... Look up the Feds loss last year. Ill save you 10secs... 114.3B.... Bbbb billion
That does not cost the banks. Tvat is the US cost. The federal reserve does not pay
Edge lower my azz, didnt you see the manipulation end of day?
Gustavo, its been happening for over a hundred years in the markets, it's what happens when large speculators clear their short term positions it's very common and happens frequently in active markets.
The rise of e-commerce is transforming retail markets.
Invidea
You mean NVIDIA?
You are correct.
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