Stocks rallied into to the close end the last trading day of the month, capping a fruitful first quarter of 2024 with a fresh record high for the S&P 500. The S&P 500 and the blue-chip Dow Jones Industrial Average popped more than 0.1% on Thursday. Meanwhile, the tech-heavy Nasdaq Composite slipped about 0.1% on the day. Zooming out, though, all three major averages have now risen for five straight months.
What largely started as a megacap-driven rally has shown signs of broadening. Wall Street firms almost can't keep pace with the S&P's surge and have continued to move up their year-end price targets. And history suggests the momentum could continue. A final reading on fourth-quarter GDP released on Thursday morning showed the US economy grew at a rate of 3.4% versus a prior estimate of 3.2%.
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