Seeking Alpha

S&P 500 sets fresh record high as stocks begin April with a bang

  • The S&P closed at a new all-time high as the major averages logged a three-day win streak for the first time since February.
  • Traders say there was no particular news that drove the market higher; with volumes remaining subdued, the market's gains appear more the result of a modestly growing economy, continued corporate profitability and decent relative valuations.
  • The continued rebound in areas that had taken a beating in recent weeks, such as biotech and tech stocks, supported today's gains; consumer discretionary stocks also ranked among the top gainers.
  • Treasurys registered modest losses, with the benchmark 10-year yield climbing 4 bps to ~2.76%.
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