EDITOR'S NOTE
Stocks closed out the first quarter of 2021 on a high note on Wednesday, with the S&P 500 rallying 0.4% and hitting an intraday record high. Tech companies, bouncing back from recent weakness, lifted the index. The S&P 500's 4.2% gain in March marks its best month since November.
The tech-heavy Nasdaq Composite was the standout performer today, gaining more than 1.5%. The Dow Jones Industrial Average fell 85 points.
Today, President Joe Biden also unveiled an infrastructure plan totaling more than $2 trillion.
The major indexes closed out the first quarter of the year with gains, as investors bet on a strong economic recovery, rising gross domestic product for the nation, and a successful vaccine rollout.
For the quarter, the blue-chip Dow and the S&P 500 rose 7.8% and 5.8%, respectively. It was their fourth positive quarter in a row.
The Nasdaq was the relative underperformer for the quarter, gaining just 2.8%, as the group was pressured by rising interest rates.
Technology stocks are especially sensitive to rising rates because they depend on borrowing money cheaply to invest in their future growth. TOP NEWS
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