Stock market today: live updates

The S&P 500 rose Wednesday, closing at a record as the index heads for its best quarter since 2019.

The broader market index gained 0.86% to close at 5,248.49, while the Dow Jones Industrial Average advanced 477.75 points, or 1.22%, to end at 39,760.08. It was the first winning day in four for both indexes. The Nasdaq Composite rose 0.51%, closing at 16,399.52.

Markets are poised to end both March and the first quarter of 2024 on a strong note. The S&P 500 has popped nearly 3% this month, and it’s tracking for a 10% advance to end the quarter. The Nasdaq has climbed 1.9% in March and about 9.3% during the three-month period, while the Dow has added 1.9% and roughly 5.5% during the respective periods.

This would mark the best first-quarter gain for the S&P 500 and 30-stock Dow since 2019 and 2021, respectively, when the indexes rose 13.1% and 7.4%. All three major averages are on pace to notch their fifth straight winning month and second consecutive positive quarter.

Although the market has been drifting higher, any kind of negative external event could have the potential to shock equities into a correction, according to Michael Green, chief strategist at Simplify Asset Management.

“It really becomes a question of: Does an external factor emerge that shakes the market out of its current lethargy?” he told CNBC. “If we encounter an event that causes volatility to rise … a regime of stability would face more pressure in the next couple of months. Anytime change kicks in, it becomes a source of uncertainty.”

As examples of potential external event candidates, Green listed rising volatility in the China market and interest rate cuts in Mexico and Switzerland.

Later this week, investors will watch for data on jobless claims, gross domestic product and consumer sentiment. While the market is closed on Good Friday, attention will be on economic releases tied to personal income, consumer spending and the personal consumption expenditures expected in the morning.