Publication date: March 2, 2024 at 8:00 a.m. ET
U.S. stocks started March in new record territory, with the S&P 500 having another big week of gains.
On Friday, the S&P 500 index posted gains for 16 of 18 weeks for the first time since April 1971, according to Dow Jones Markets. The index rose 0.9% for the week.
After the U.S. stock market's “sharp rise” compared to the past…
U.S. stocks started March in new record territory, with the S&P 500 having another big week of gains.
On Friday, the S&P 500 index posted gains for 16 of 18 weeks for the first time since April 1971, according to Dow Jones Markets. The index rose 0.9% for the week.
After a “dramatic rally” in the U.S. stock market over the past four months, investors are optimistic about the potential impact of artificial intelligence on the economy and markets, leading to a “second leg” of stock gains. He says he is starting to believe that it will begin. To Yun Yu Ma, Chief Investment Officer of BMO Wealth Management.
They seem to believe that “it's not just one part of the market that will benefit from AI spending,” Ma said in a phone interview Friday. A potential “productivity boom” from AI could continue to drive stock market gains for years to come, he said.
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The S&P 500 index is up 7.7% so far in 2024, according to FactSet data.
U.S. stock markets posted additional gains on Friday, with the Dow Jones Industrial Average DJIA up 0.2%, the S&P 500 SPX up 0.8% and the technology-heavy Nasdaq Composite Index up 0.8%.
It rose 1.1%, according to FactSet data. The S&P 500 and Nasdaq both closed at record highs.