While the U.S. stock market will be closed for Good Friday on Friday, March 29, the $27 trillion U.S. Treasury market closed early at 2pm Eastern on Thursday for the holiday.
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Stocks posted strong gains in the first quarter, despite a brief halt in gains earlier in the week.
The S&P 500 Index SPX rose 10.2% in the first quarter, the best three months to start a year since 2019, according to Dow Jones Market Data.
The Nasdaq Composite Index COMP rose 9.1% in the quarter, while the Dow Jones Industrial Average DJIA rose 5.6% in the same period, according to FactSet.
All three major U.S. stock indexes hit record levels in the first quarter after experiencing rough waters two years ago when the Federal Reserve began raising interest rates to combat high levels of inflation. I got it back.
The economy remains strong despite the Fed's policy interest rate being at its highest level in nearly a quarter of a century and the benchmark 10-year Treasury yield BX:TMUBMUSD10Y near 4.2%. However, after two consecutive quarters of interest rate hikes, investors remain concerned that the Fed will cut rates before the end of the year, and all eyes are on the possibility of a June rate cut.
Economic data on Thursday showed that consumers not only have a positive view of the economy, but are also confident that inflation will continue to ease.
Major stock exchanges will be closed on Friday, but there will be new data on the inflation front as the Fed's recommended inflation measure, the February PCE gauge, is released. Although it will rise on a monthly basis, the annual rate is expected to remain at 2.8%.
Investors are also expected to hear from Federal Reserve Chairman Jerome Powell, who is scheduled to speak Friday at 11:30 a.m. ET.
read: Former Fed No. 2 says this is how the central bank will justify summer rate cuts
