The first quarter of 2024 sees triumph for stock markets and cryptocurrency. Bitcoin soars 66% while S&P 500 index surges over 10%. Even in Japan, the Nikkei 225 index jumps nearly 21%.
Equity Market — From Shaky Start To Strong Surge: The equity market kicked off the new year with a whimper, with concerns that 2023’s gains might not hold. However, the momentum from last year carried through, quashing skepticism and propelling the market to new highs.
Three months in, the S&P 500 Index has notched record highs for both closing and intraday trading. Blue-chip stocks mirrored this performance, with the Dow Jones Industrial Average closing the quarter at a fresh record.
Tech stocks were once again at the forefront, fueled by the AI boom that spurred gains for companies of all sizes. However, the tech-heavy Nasdaq Composite couldn’t quite reach its record peak as valuation concerns prompted some profit-taking near the quarter’s end.
Gold’s Dazzling Run: Gold rode on the dollar’s weakness as the greenback took a hit from expectations that the Fed is ready to cut the Fed fund rate, which currently hovers at 22-year highs. The yellow metal shares an inverse relation with the dollar as it is denominated in the latter.
The precious metal ended the quarter at a record high of $2,254.80 and on an intraday basis, it peaked at $2,256.90 on Thursday, Mar 29th.
Bitcoin Builds On Gains: The crypto space began to see an accelerated rally in late 2023, and the gains continued into 2024. In the run-up to the spot Bitcoin BTC/USD approval, the space saw solid gains, and the momentum stalled in a typical “sell-the-news” move after the approval came through. Bitcoin, the apex crypto, has since then pushed higher amid some volatility.
