First Quarter Ends With Stock Surge

currency 1.jpg

Stocks surged in the final trading of the first quarter, but the S&P 500 was unable to erase its first quarter loss. The benchmark index fell 1.19% during the first quarter, snapping its streak of nine consecutive quarterly gains. It also marked first time in eight years that Q1 was negative. 

 

Here's Thursday's scoreboard:

 

S&P 500: +1.38%
Dow Jones: +1.07%
Nasdaq: +1.64%

 

Tech names like Facebook, Intel, Apple and Microsoft led the Dow's top gainers as Wall Street changed its tone following the social network's ongoing Cambridge Analytica imbroglio.

 

Even Amazon, which slid early following a Trump tweet decrying its lack of federal corporate tax payments and ripping off the US Postal Service, finished the day slightly in the green.

 

Tesla, on the other hand, has had a terrible week. The stock has lost over $5 billion in market cap following a fatal crash, resulting NTSB investigation, Moody's downgrade, and ongoing production issues.

 

Outside of equities, West Texas Intermediate crude oil gained slightly, reaching $64.91 while the 10-year Treasury yield fell 4 basis points to 2.74%.

 

Cryptocurrencies got smoked, with many reaching new lows for the year. Longfin, one of the first Nasdaq-listed companies to pivot to blockchain and see its stock price explode, saw 75% of its equity value disappear this week as it was kicked out of the Russell 2000 index.

 

Markets in the US and Europe are closed Friday in observance of Good Friday, but investors will be closely watching Spotify's direct listing on the New York Stock exchange on Tuesday following the Easter holiday.