Thursday, 01 June 2023 06:27 GMT

US Stock Exchanges Finish Q1 with Massive Gains, Nasdaq Records Best Quarterly Gain Since 2020

(MENAFN) US stock exchanges finished the first quarter of 2021 with massive gains, as the Nasdaq recorded its best quarterly gain since 2020. The tech-heavy index increased by 208 points, or 1.74percent, to end the session at 12,221 on Friday. It jumped 16.7percent during the January-March period and rose 6.7percent this month. Meanwhile, the Dow Jones soared by 415 points, or 1.26percent, to finish the day at 33,274. The blue-chip index gained 0.38percent in the first quarter and increased 1.89percent during the month of March. The S&P 500 rose by 58 points, or 1.44percent, to close Friday at 4,109. The index increased 7percent during the January-March period, while it rose 3.5percent this month.

The VIX volatility index, also known as the fear index, shed 1.7percent to 18.70, and the 10-year US Treasury yield lost 0.6percent to 3.479percent. The decline in the VIX volatility index and the 10-year US Treasury yield suggests that investors are becoming more optimistic about the US economy's prospects and less concerned about risks in the market.

The dollar index rose 0.4percent to 102.58, while the euro fell 0.6percent to USD1.0857 against the greenback. The rise in the dollar index suggests that investors are shifting towards the US currency as they see the US economy recovering faster than other major economies in the world.

Precious metals were mixed, with gold losing 0.6percent to USD1,969 per ounce, but silver gaining 0.6percent to USD24.06. The mixed performance of precious metals suggests that investors are not sure about the direction of the economy and are looking for safe-haven assets like silver while also taking profits in gold.

Crude oil prices soared more than 1.5percent, with global benchmark Brent crude at USD79.84 per barrel and US benchmark West Texas Intermediate at USD75.62. The rise in crude oil prices suggests that investors are optimistic about the global economy's prospects and expect demand for oil to increase as economies recover from the impact of the COVID-19 pandemic.


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