Whipsaw quarter for U.S. stocks ends with whimper as jobs loom

U.S. stocks slipped, with the Standard & Poor's 500 Index ending the first quarter virtually where it began after a whipsaw ride saw equities rally back from the worst-ever start to year.

The S&P 500 edged lower Thursday ahead of a government jobs report likely to set the tone for the next week of trading. The index coasted to the end of a dichotomous quarter, capping a blistering comeback in the last six weeks to erase losses that reached 12 percent in mid-February.

Stocks gained 0.8 percent in the past three months, leaving the S&P 500 nearly unchanged from its level at the end of March 2015.

"We're still stuck in a mar

ket that hasn't done much in the past year and a half," said Matt Maley, an equity strategist at Miller Tabak & Co. in New York. "What will be very important as we move into the second quarter will be whether we can get some upward follow-through as we get into earnings season. Until we break out of the current range, the market may sit on its hands for a little while longer."

U.S. stocks joined equities around the world in a March rebound as central banks from Asia to Europe and America signaled they stand ready to bolster flagging growth. That spurred demand for risk assets after a six-week rout punished stocks amid concern China's slowdown would spread.

Trading remained light Thursday, continuing a three-week stretch that's seen the S&P 500 go its longest without a move of 1 percent in more than a year. Friday's jobs report will focus attention on the strength of the world's largest economy as the second quarter kicks off, with corporate earnings season starting in two weeks.

The S&P 500 slipped 0.2 percent to 2,059.73 at 4 p.m. in New York, bringing its March advance to 6.6 percent after three straight monthly declines.

This story was originally published March 31, 2016 at 10:33 PM with the headline "Whipsaw quarter for U.S. stocks ends with whimper as jobs loom ."