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Financial Markets 03/28 15:36
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%."
On Wall Street, RH jumped 17.8% even though the retailer of home dcor
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 9.2% despite reporting better results for the latest quarter
than analysts expected. It gave a forecast for earnings before taxes and other
items in the current quarter that was below analysts' expectations. The company
also said its board has completed its internal reviews of accounting issues and
found some weaknesses in its internal control over financial reporting.
Also on the losing end was Trump Media & Technology Group. The company
behind former President Donald Trump's Truth Social fell 6.4% after soaring
more than 14% in each of the past two days. Its stock has shot well beyond what
critics say is reasonable for the money-losing company, driven by fans of Trump
and investors hoping to cash in on the mania.
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.
___
AP Business Writer Elaine Kurtenbach contributed.
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