On Thursday, March 28th, the S&P 500 index closed slightly higher, concluding the best first quarter performance in the past five years. Investors were digesting the latest round of economic data while also awaiting the next round of inflation estimates.

Among the three major indices in the United States, each saw significant gains for the quarter, with the S&P 500 rising by 10.16%, driven by optimism surrounding artificial intelligence (AI) related companies and expectations of interest rate cuts by the Federal Reserve later this year.

Data indicated that due to strong consumer spending, the U.S. economy grew at a faster pace than previously expected in the fourth quarter. Meanwhile, a second report suggested that initial claims for unemployment benefits remained stable, indicating a steady labor market.

George Yang, portfolio manager at New Orleans Vieller Corporation, stated in New Orleans, "The economic conditions are relatively favorable, consumers are in good shape and continue to spend, the unemployment rate remains low, and certain sectors of the economy are thriving. Therefore, there is capital available for various purposes."

Despite the U.S. stock market being closed for the Good Friday holiday, the release of the Personal Consumption Expenditures (PCE) price index will provide insight into the timing and extent of Fed interest rate cuts for this year.

This week, the Dow Jones Industrial Average rose by 0.84%, the S&P 500 rose by 0.39%, and the Nasdaq Composite fell by 0.3%.

In March, the Dow Jones Industrial Average rose by 2.08%, the S&P 500 rose by 3.1%, and the Nasdaq Composite rose by 1.79%.

For the quarter, the Dow Jones Industrial Average rose by 5.62%, the S&P 500 rose by 10.16%, and the Nasdaq Composite rose by 9.11%.

Federal Reserve Governor Christopher Waller stated that recent inflation data has been soft, supporting the Fed's decision to delay lowering short-term interest rate targets, but he did not rule out the possibility of lowering rates later this year.

Communication services, energy, and technology performed well this quarter, leading among the 11 major sectors, with only real estate experiencing a decline. Following the release of its quarterly earnings report, Walgreens Boots' (NASDAQ: WBA) stock price rose by 3.19%, which included impairment losses on its stake in clinic operator VillageMD.

Home improvement company Home Depot (NYSE: HD) fell by 0.59% after announcing its acquisition of building materials supplier SRS Distribution for $18.25 billion, its largest deal to date.

On the New York Stock Exchange, the number of advancing stocks exceeded declining stocks by a ratio of 1.87 to 1. On the Nasdaq, advancing stocks outnumbered declining stocks by a ratio of 1.42 to 1.

There were 91 new 52-week highs for the S&P 500 index, with no new 52-week lows, while the Nasdaq index had 275 new highs and 52 new lows.

The trading volume on U.S. exchanges was 11.17 billion shares, compared to an average of 12.07 billion shares over the previous 20 trading days.