Nasdaq, S&P, and Dow trade mixed ahead of the long weekend

Business on Wall Street in Manhattan

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Major market averages traded mixed on Thursday and rates remained mostly unchanged after the S&P 500 closed at a new record high, and ahead of the upcoming long weekend marked by Good Friday.

Early on and the Dow (DJI) was +0.1%, the S&P 500 (SP500) was near even, and the Nasdaq Composite (COMP:OND) was -0.2%.

Rates were flat, with 10-year Treasury yield (US10Y) at 4.22% and the shorter-end more rate-sensitive 2-year yield (US2Y) stood at 4.62%

See how Treasury yields have done across the curve at the Seeking Alpha bond page- mention this right after rates.

“Slightly lighter US trading in the lead up to a prolonged weekend saw the return of buying interest, as the major indices snapped their run of losses and the S&P500 closed at a new record high,” said Richard Hunter of Interactive Investor.

Lighter trade will often exacerbate market moves, which was part of the reason for the rally in the absence of any major economic or corporate news, Hunter added.

“The performance of markets over a successful opening quarter to the year has shown that investors are increasingly accepting that three rate cuts are the most likely outcome, rather than the several which had previously been pencilled in,” he said.

On the economic front the U.S. gross domestic product in the U.S. Department of Commerce’s final Q4 estimate rose at an annual rate of 3.4%, topping the 3.2% consensus.

Initial jobless claims for the week ended March 23 came in at -2K to 210K compared to the 212K consensus and 212K prior (revised from 210K) figures.

The final measure of Michigan consumer sentiment arrives shortly.l.

Harry Byrne

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