Can the Stock Markets Keep Denying Fundamental Headwinds?

 Major U.S. stock market indexes hit all time highs this week on low volume and declining momentum

U.S. stock market indexes closed out a holiday-shortened week with new record closing highs for the Dow Jones Industrial Average (NYSEARCA:DIA) and the S&P 500 (NYSEARCA:SPY).

The S&P 500 set a new closing high of 1569.19 on March 28, but missed its all-time intraday high of 1576.09, last seen on October 11, 2007. The Dow Jones Industrial Average set another closing high on Thursday at 14,578. Both major U.S. stock market indexes posted double-digit gains for the first quarter, and the bullish stock market action came in the face of headwinds from Cyprus and uncertainty in Europe and less-than-bullish economic news at home.

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The Nasdaq 100 (NYSEARCA:QQQ) gained o.31 percent, finishing the quarter up 8.3 percent from its opening price, while the Russell 2000 (NYSEARCA:IWM) gained 14 percent for the first quarter.