S&P 500 records best first quarter since 2019 going into Easter break

NEW YORK - The S&P 500 and the Dow closed at fresh records in New York on Thursday, with the former closing out its best start to the year since the Covid-19 pandemic ahead of the Easter break. 

The Dow Jones Industrial Average ended at 39,807.37, up 0.1 percent and a new all-time high that lifted the index ever-closer to 40,000 points.

The broad-based S&P 500 advanced 0.1 percent to a new record of 5,254.35, while the tech-rich Nasdaq Composite Index slipped 0.1 percent to 16,379.46.

"We're continuing to grind higher," Art Hogan of B. Riley Financial told AFP. 

He added that Thursday's records are indicative of a "broadening out" of the market rally beyond tech companies.

In Europe, London hit a one-year high while Frankfurt inched higher and Paris ended flat as traders continued to weigh the recent uptick in inflation ahead of fresh US figures on Friday. 

European stock markets will be closed both Friday and Monday for a long Easter holiday. Wall Street will be closed on Good Friday but reopens on Monday.

Asian indices closed mixed after a senior Federal Reserve official floated the idea of delaying or reducing cuts to US interest rates, boosting the dollar.

The yen steadied having hit a 34-year low against the dollar on Wednesday, while oil prices rose more than 1.5 percent on persistent concerns over the possibility of tight supplies.

Major stock markets "are still hovering around record levels, and market optimism remains high," said Pierre Veyret, analyst at ActivTrades.

"Investors continue to bet on upcoming rate cuts from central banks around the world."