S&P 500, Dow close higher for new records
Stocks closed out the first quarter on a high note with the Dow logging its strongest quarter in 15 years and the S&P 500 piercing through levels last seen in 2007 to end at a record high near 1,570.
The S&P finally surpassed its closing high level of 1,565.15 after flirting with the milestone for weeks, recovering all its losses from the financial crisis. The next milestone for the index will be its all-time intraday high of 1,576.09, set on October 11, 2007.
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The Dow Jones Industrial Average closed higher, led by Hewlett-Packard. The Dow soared more than 11 percent in the first three months of the year. Interestingly, the blue-chip index has never finished a year down when the first quarter is up at least 8 percent.
The S&P 500 and the Nasdaq also ended in positive territory, logging their fifth-straight monthly gains. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended below 13.
Most key S&P sectors finished higher, led by utilities and health care.
"This market's had a phenomenal run and we've been anticipating a cooling period – we thought that the Cyprus event would have been a perfect opportunity to do so, but we just keep going higher," said Troy Logan, managing director and senior economist at Warren Financial Service. "What's driving that is the fundamental positives."
Logan pointed to the ongoing housing recovery as a positive for the market going forward. Additionally, he noted that the employment picture, while not improving at a robust rate, is seeing gradual progress.
"The U.S. is not showing signs of going into a recession and the Federal Reserve has clearly signaled that they will remain accommodative for the foreseeable future," said Logan. "And that's good for asset prices."
Obama is such a piss poor Marxist. Right wing heads must be exploding!