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

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.

The S&P 500 gained 10.8% in the first quarter, continuing a rally that began in late 2023 and notching its strongest start to the year since 2019. The tech-heavy Nasdaq gained 10.9%.

The Dow Jones Industrial Average also notched a respectable first quarter with a gain of 5.5%, which analysts took as a welcome sign that the current rally isn’t wholly dependent on Big Tech.

The market surge is driven by the continued strength of the economy, with consumers continuing to open up their wallets, analysts said.

“Underscored by a solid economic landscape and strong labor market coupled with resilient consumer spending, the Dow has powered ahead to post new highs,” …