Dow jumps 400 points to end tumultuous first quarter as markets move on from bank crisis

US stocks rose higher on Friday, ending a tumultuous first quarter on a positive note as a key price gauge showed continued signs that inflation is cooling off. The Personal Consumption Expenditures Index — the Fed’s preferred inflation measure — rose 0.3% in February from the prior month, lower than the expected 0.4%. The S&P 500 has gained 6% and the tech-focused Nasdaq Composite is up 17% since the start of the year. Meanwhile, the Dow Jones Industrial Average was nearly flat over the quarter. That comes after a rocky few months for markets. Investors began the year hopeful that inflation was easing enough for the Fed to cut rates soon. But sticky inflation data and hawkish Fed comments unwound those bets. Then the failure of Silicon Valley Bank and fears of a recession on the horizon whipsawed markets again.