A rally on two of the most widely followed U.S. stock market indexes Thursday wasn’t enough to prevent the first quarterly decline since Barack Obama’s presidency.

The blue-chip Dow Jones Industrial average dropped 2.5 percent in the three months through March 29, the last trading day of the quarter since markets are closed on Good Friday, among the most important days in the Christian calendar. The broader S&P 500 fell 1.2 percent.