Although the latest remarks by Federal Reserve officials reinforce the view that officials are not in a hurry to cut interest rates, the latest data shows that the economic situation is good, driving the S&P 500 index to a record high for the 22nd time this year. The market capitalization of the US stock market soared by $4 trillion in just three months, which came as a surprise to doomsayers and made many Wall Street strategists scramble to update their 2024 predictions. “We think what ultimately drives stock market pricing is the market's view of economic fundamentals, not the views of any economist or strategist,” said Lori Calvasina, a strategist at RBC Capital Markets. The S&P 500 rose to 5,254.35 points, ending the first quarter with a gain of more than 10%. The data shows that since 1950, the S&P 500 index has reached double digits for two consecutive quarters only five times.