All major indices closed the quarter on a positive note Thursday after news that the economy had expanded more in Q4 than was previously estimated by the government. The S&P 500 closed above it’s previous record high and has gained nearly 10% in the first 3 months of 2013. The Dow and Nasdaq also finished with strong quarters, up 11.1% and 7.9% respectively. Unemployment claims rose more than expected last week, but most analysts did not see these numbers as a sign of weakening labor market recovery. A reminder to our readers that the markets will be closed tomorrow, 3/29, in observance of Good Friday.
Word on the Street
- Google (GOOG) announced that it’s upcoming Glass will be made exclusively in the U.S.
- Chesapeake Energy (CHK) said that it’s search for a new CEO would extend beyond the April 1st deadline.
- Amazon (AMZN) and Overstock.com (OSTK) lost a challenge to the N.Y. web sales tax.
- Accenture (ACN) reported a rise in Q2 profit, beating estimates.
- The Dow closed with it’s best first quarter since 1998.