By STAN CHOE (AP Business Writer)
NEW YORK (AP) — Wall Street coasted to its latest winning month and quarter by rising to more records. The S&P 500 rose 0.1% Thursday, adding to its all-time high set the day before. It roared 10.2% in the first three months of the year as the market continues a nearly unstoppable run that began last October. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite slipped 0.1% Treasury yields inched higher in the bond market following several reports on the economy. The yield on the 10-year Treasury rose to 4.20%. U.S. bond and stock markets will be closed for Good Friday.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Wall Street is coasting to the close of its latest winning month and quarter on Thursday by rising toward more records.
The S&P 500 was 0.2% higher in late trading and adding to its all-time high set 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 77 points, or 0.2%, as of 3 p.m. Eastern time, and on track to set its own record. The Nasdaq composite was virtually flat and close to its all-time high.
The stock market has been on a nearly unstoppable run since late October, with the S&P 500 on the cusp of 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.
Thursday is the last day of trading for both the U.S. stock and bond markets this month and quarter. Financial markets will be closed on Friday for Good Friday.
In the bond market, Treasury yields inched higher following several 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.
Other reports showed that sentiment among U.S. consumers is stronger than economists expected, but manufacturing in the Chicago region is contracting by more than forecast.
The yield on the 10-year Treasury rose to 4.20% from 4.19% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, rose to 4.62% from 4.57%.
The hope on Wall Street is still that the Federal Reserve will begin cutting its main interest rate in June. Lower interest rates ease the pressure on the economy, while boosting prices for investments. But progress on bringing inflation down has become bumpier recently, with reports this year coming in hotter than expected.
A top official at the Federal Reserve, Gov. Christopher Waller, said in a speech late Wednesday that “there is no rush to cut the policy rate” given such data. “Indeed, it tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”
RH surged by 17.8% on Wall Street despite reporting weaker profit and revenue for the latest quarter than analysts expected. It also indicated that demand is trending upward and forecasted slightly higher revenue for the upcoming year than analysts’ expectations.
Analysts said investors are eager to take advantage of signs of improvement in the housing market, with expectations of lower interest and mortgage rates later this year.
Chemours declined by 9.2% despite reporting better results for the latest quarter than analysts expected. It forecasted lower earnings before taxes and other items in the current quarter than analysts’ expectations. The company also mentioned that its board has finished its internal reviews of accounting issues and identified some weaknesses in its internal control over financial reporting.
Trump Media & Technology Group also experienced a decline. The company behind former President Donald Trump’s Truth Social dropped by 6.4% after surging more than 14% in each of the past two days. Its stock has risen well beyond what critics consider reasonable for the money-losing company, driven by fans of Trump and investors seeking to capitalize on the frenzy.
In global stock markets, Tokyo’s Nikkei 225 fell by 1.5% amid speculation about whether Japanese officials will take action to support the value of the Japanese yen.
Movements in much of Asia and Europe were more restrained.
___
AP Business Writer Elaine Kurtenbach contributed.
