March Begins with S&P 500 Reaching New Highs
The U.S. stock market started off March on a strong note, with the S&P 500 notching another week of impressive gains.
S&P 500 Breaks Records
On Friday, the S&P 500 marked gains in 16 out of 18 weeks, a feat not seen since April 1971 as reported by Dow Jones Market. The index closed the week with a solid increase of 0.9%.
Optimism Surrounding AI Impact
Following a remarkable upswing in the U.S. stock market over the past few months, investors are looking forward to what has been dubbed as the “second leg” of the rally. This optimism is centered around the potential impact of artificial intelligence on both the economy and markets.
Yung-Yu Ma, the chief investment officer at BMO Wealth Management, noted that investors are starting to believe that AI spending could benefit a wider range of market sectors. The anticipation of a “productivity boom” from AI has the potential to continue driving stock-market gains in the years ahead.
Market Performance in 2024
In 2024 so far, the S&P 500 has seen a rise of 7.7%, according to FactSet data.
Friday’s Gains
The U.S. stock market witnessed further gains on Friday, with the Dow Jones Industrial Average increasing by 0.2%. Meanwhile, the S&P 500 gained 0.8% and the Nasdaq Composite surged by 1.1%, reaching new highs for all three indices according to FactSet data.
Keep an eye on how the market continues to evolve as investors look towards the intersection of technology and finance for further opportunities.
