Investing.com - U.S. stocks rose on Thursday, with the S&P and the Dow Jones closing at record highs as the quarter came to a close, bolstered by optimism over the U.S. economic recovery.
Markets in Europe and the U.S. as well as many parts of Asia were closed for Good Friday.
Official data showed that the U.S. economy expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
The S&P 500 ended up 0.4% on Thursday and posted a quarterly rise of 10%, its strongest performance in a year. The S&P index which tracks the market value of the largest U.S. companies, last hit a record in October 2007.
The Dow Jones industrial average rose 0.4% on Thursday and ended the quarter 11.3% higher.
The Nasdaq added 0.3% on Thursday, and ended the quarter 8.2% higher.
First quarter sentiment was boosted by indications that the economic recovery in the U.S. is deepening, which fuelled speculation over an earlier than expected end to the Federal Reserve's quantitative easing program.
In Europe, markets were little changed despite concerns over the situation in Cyprus and ongoing political uncertainty in Italy.
Banks in Cyprus reopened for the first time in almost two weeks on Thursday with strict capital controls in place, having been closed since March 16 amid fears of a bank run while bailout talks were under way.
Meanwhile, Italy saw borrowing costs edge higher amid growing doubts over whether a stable coalition government can be formed amid political deadlock.
The benchmark Stoxx Europe 600 was up 0.46% on Thursday, paring back the week's losses to 0.1%.
Germany’s DAX edged up 0.08% and was 1.5% lower for the week. France’s CAC40 rose 0.53 to end the week 1.0% lower. Italy’s FTSE MIB Index was down 0.10% on and dropped 4.4% for the week. The stock market in Cyprus remained closed for a second week.
In Asia, markets in Japan and China were open on Friday, while markets in Australia, New Zealand, Hong Kong, India, Indonesia, the Philippines and Singapore were shut.
Japan’s Nikkei rose 0.5% on Friday and added 0.5% for the week. For the quarter, it rose 19.2% as Japanese exporters were helped by the broadly weaker yen.
China’s Shanghai Composite Index ended flat on Friday and ended the first quarter 1.4% lower amid concerns that measures to cool the property market will create a drag on growth.
Markets in Europe and the U.S. as well as many parts of Asia were closed for Good Friday.
Official data showed that the U.S. economy expanded at an annual rate of 0.4% in the three months to December, lower than forecasts for a 0.5% expansion.The growth rate was the slowest since the first quarter of 2011, but was higher than initial estimates for growth of 0.1%.
The S&P 500 ended up 0.4% on Thursday and posted a quarterly rise of 10%, its strongest performance in a year. The S&P index which tracks the market value of the largest U.S. companies, last hit a record in October 2007.
The Dow Jones industrial average rose 0.4% on Thursday and ended the quarter 11.3% higher.
The Nasdaq added 0.3% on Thursday, and ended the quarter 8.2% higher.
First quarter sentiment was boosted by indications that the economic recovery in the U.S. is deepening, which fuelled speculation over an earlier than expected end to the Federal Reserve's quantitative easing program.
In Europe, markets were little changed despite concerns over the situation in Cyprus and ongoing political uncertainty in Italy.
Banks in Cyprus reopened for the first time in almost two weeks on Thursday with strict capital controls in place, having been closed since March 16 amid fears of a bank run while bailout talks were under way.
Meanwhile, Italy saw borrowing costs edge higher amid growing doubts over whether a stable coalition government can be formed amid political deadlock.
The benchmark Stoxx Europe 600 was up 0.46% on Thursday, paring back the week's losses to 0.1%.
Germany’s DAX edged up 0.08% and was 1.5% lower for the week. France’s CAC40 rose 0.53 to end the week 1.0% lower. Italy’s FTSE MIB Index was down 0.10% on and dropped 4.4% for the week. The stock market in Cyprus remained closed for a second week.
In Asia, markets in Japan and China were open on Friday, while markets in Australia, New Zealand, Hong Kong, India, Indonesia, the Philippines and Singapore were shut.
Japan’s Nikkei rose 0.5% on Friday and added 0.5% for the week. For the quarter, it rose 19.2% as Japanese exporters were helped by the broadly weaker yen.
China’s Shanghai Composite Index ended flat on Friday and ended the first quarter 1.4% lower amid concerns that measures to cool the property market will create a drag on growth.