Dow surges more than 450 points, S&P 500 closes at a fresh record: Live updates

The S&P 500 rose Wednesday, closing at a record as the index heads for its best first quarter since 2019.

The broader market index gained 0.86% to close at 5,248.49, while the Dow Jones Industrial Average advanced 477.75 points, or 1.22%, to end at 39,760.08. Both indexes snapped three-day losing streaks. The Nasdaq Composite rose 0.51%, closing at 16,399.52.

Stocks rose in a broad rally Wednesday, with all 11 sectors of the S&P 500 registering gains. Utilities led the index higher, posting a nearly 2.8% jump. Real estate followed with a 2.4% advance, and industrials added 1.6%.

“Look at the S&P 500: Leadership’s coming from the losers,” said Art Hogan, chief market strategist with B. Riley Wealth. “So it really feels like a quarter-end rebalance and certainly more enthusiasm for equities, in what otherwise would be a quiet week, if not for the end of the quarter.”

The major averages are poised to end the first quarter of 2024 on a strong note. The S&P 500 is tracking for a 10% advance, pacing for its best first-quarter gain since 2019 when it added 13.1%. The 30-stock Dow is up about 5.5%, and on pace for its best first-quarter gain since 2021, when it added 7.4%. The Nasdaq is up roughly 9.3% over the quarter.

March has also proven powerful, with the three major averages on pace for a fifth straight winning month. As of Wednesday’s close, the S&P 500 is up about 3%. Both the Nasdaq and the Dow are up roughly 1.9% month to date.

“A soft landing for the US economy is now widely expected, and markets have dialed back their expectations for interest rate cuts,” wrote UBS Wealth Management strategists in a note.

“Looking ahead to the second quarter, we see the next stage of two primary market drivers playing out: the start of rate-cutting cycles by major central banks, and the broadening-out of AI adoption and implementation across a wider range of companies,” they added.

Later this week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment. While the market is closed on Good Friday, attention will be on economic releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.