Stock market surge rewards S&P 500 with best start since 2019

Stocks wrapped up a monster first quarter on a subdued note Thursday, with both the S&P 500 and Nasdaq posting double-digit gains the first three months of 2024 — powered by investors’ optimism about the state of the economy.late 2023 and notching its strongest start to the year since 2019. The tech-heavy Nasdaq gained 10.9 percent.

The market surge is driven by the continued strength of the economy, with consumers continuing to open up their wallets, analysts said. The strong quarter for all three indexes extends gains in the final months of 2023, when a cadre of Big Tech stocks, dubbed the Magnificent 7, pulled the market higher. Companies that benefited from the hype around advancements in artificial intelligence wowed Wall Street the most, specifically Microsoft and Nvidia.

The success of the Dow “indicates prosperity in this country, and an expanding economy,” said Michael Farr of the D.C.-based investment firm Farr, Miller and Washington.

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