Major US stock indexes rose in March as the S&P 500 extended a run of monthly gains.

The large-cap S&P 500 rose 3.1% during the month, marking the fifth straight month that the index has closed in positive territory. The Dow Jones Industrial Average and small-cap Russell 2000 also notched another month of gains at 2.1% and 3.4%, respectively.

Stocks have broadly risen in recent months on an improving outlook for the US economy and expectations that the US Federal Reserve will soon begin its long-awaited cuts to benchmark interest rates.

Sector performance

Every S&P 500 sector rose during March.

The energy sector gained 10.43% during the month, the most of any S&P 500 sector. Shares in all but one of the 23 energy companies in the index rose during March, with most of the group registering double-digit stock price gains. Valero Energy Corp. was the best-performing energy stock on the S&P 500 with a 20.7% rise in March.

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Consumer discretionary registered the smallest gain among S&P 500 sectors, up just 0.01% for the month. Performance across S&P 500 consumer discretionary companies was mostly positive, though shares in larger companies including Tesla Inc., McDonald's Corp. and Nike Inc. fell by 12.9%, 3.5% and 9.6%, respectively.

Largest gains, drops

Micron Technology Inc. registered a 30.1% rise during March, the most of any S&P 500 stock. The company on March 20 posted a surprise profit for its most recent fiscal quarter, which ended Feb. 29, as demand for semiconductors to power artificial intelligence drove positive results.

Lululemon Athletica Inc. was the worst-performing S&P 500 stock with a 16.4% drop. The athletic wear maker on March 21 posted revenue guidance for its current fiscal year that was below expectations, according to S&P Global Market Intelligence data.