Best quarter for S&P 500 since '09

Credit: Reuters Studio
Published on March 29, 2019 - Duration: 01:16s

Best quarter for S&P 500 since '09

U.S. stocks ended the final trading day of the first quarter on a strong note on Friday.

As Fred Katayama reports, the S&P 500 registered its best quarterly gain since 2009.

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Best quarter for S&P 500 since '09

Stocks powered higher Friday, ending a spectacular quarter on a strong note with a solid market debut for car-sharing app Lyft.

Optimism over the U.S.-China trade talks also spurred investors to scoop up stocks.

The Dow and Nasdaq gained 8-tenths percent on the day.

The S&P 500 posted its best quarterly performance since 2009, up 13 percent, recovering all of its losses from a disastrous December.

Invesco's alternative investments strategist, Walter Davis: SOUNDBITE: INVESCO ALTERNATIVES INVESTMENT STRATEGIST, WALTER DAVIS (ENGLISH) SAYING: "Today is a perfect ending to the quarter, really putting a nice bow on an exceptional quarter as you referred.

I think today, what's driving the market a lot in addition to Lyft is optimism about U.S. and China resolving and finally coming to some conclusions about their trade pact." Ride-hailing startup Lyft made a splash on its first day of trading on the Nasdaq.

Shares opened up 21 percent, valuing the company at $30 billion.

But they pared some of their early gains.

Wells Fargo shares fell.

The beleaguered bank said it's in advanced talks to sell its real estate broker, Eastdil.

That development comes one day after CEO Tim Sloan suddenly resigned.

Investors shrugged off weak economic data.

Consumer spending barely rose in January, income increased modestly, and inflation was tame.

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