Thursday was not just the final trading day for March but also a day that saw major indexes soar for five months straight.
Investors witnessed a robust start to 2024 as markets surged in the first quarter. Stocks, cryptocurrencies and gold all achieved remarkable highs.
The S&P 500, a barometer for overall stock performance, notched 22 new highs, while the Dow Jones Industrial Average nearly breached the historic milestone of 40,000 for the first time.
Throughout the quarter, the S&P 500 soared by 10.2%, its strongest performance since 2019, while the Dow rose by 5.6%, its most impressive first-quarter showing since 2021.
The Nasdaq rallied more than 9%, thanks to tech stars like Nvidia, whose shares shot up by over 82% in the first three months. Reddit’s IPO also saw a dramatic 48% surge.
But it wasn’t just the big-name tech firms driving the rally. Almost every sector in the S&P 500 saw gains and small-cap stocks made significant strides, climbing more than 4%.
Behind this surge was a mix of factors: a resilient economy, advancements in artificial intelligence and the anticipation of Federal Reserve rate cuts.