Here’s how US markets will be affected by Good Friday. – Yana Paskova/Getty Images

The U.S. stock market will be closed on Friday, March 29 for Good Friday, while the $27 trillion Treasury market wraps up business for the holiday at 2 p.m. Eastern on Thursday.

Most read from MarketWatch

Stocks staged a strong rally in the first quarter, despite a brief lull in the advance earlier this week.

The S&P 500 index SPX rose 10.2% in the first quarter, the best three months to start a year since 2019, according to Dow Jones Market Data.

The Nasdaq Composite Index COMP rose 9.1% this quarter, while the Dow Jones Industrial Average DJIA was up 5.6% for the same stretch, according to FactSet.

All three major U.S. stock indexes regained record territory in the first quarter after hitting a rough patch two years ago when the Federal Reserve began raising interest rates to combat stubbornly high inflation.

The economy has continued to chug along despite the Fed’s policy rate being at its highest level in nearly a quarter century and the 10-year Treasury yield (BX:TMUBMUSD10Y) nearing 4.2%. However, after two consecutive quarters of gains, investors remain concerned that the Fed may cut rates later this year, with all eyes on a possible rate cut in June.

Economic data showed Thursday that consumers have a positive view of the economy, but also confidence that inflation will continue to decline.

The major stock markets will be closed on Friday, but new data on the inflation front will become available with the release of the February PCE index, the Fed’s preferred inflation index. Interest rates are expected to rise on a monthly basis but remain at an annual level of 2.8%.

Investors will also listen to Fed Chairman Jerome Powell on Friday, who will speak at 11:30 a.m. Eastern.

Read: The former Fed No. 2 says this is how central banks can justify any rate cuts in the summer

Most read from MarketWatch

Leave a Reply

Your email address will not be published. Required fields are marked *