Stock market sees strongest 1st quarter in 14 years

Published:  2 Apr at 3 PM

As reported by The Advertiser, the stock market has just seen its best first quarter performance in 14 years. The optimistic figures have sent Wall Street analysts, many of whose predictions seemed too sunny about three months ago, hurrying to raise their approximations for the year.

Robert Doll, who is chief equity investment manager with BlackRock, the globe’s largest money manager, is not surprised that the figures are up. What is surprising, he explained, is “the magnitude”.

Doll says stocks may rise 10% more before the year’s end, which would be sufficient to push the Dow Jones average to a record high, while the Standard & Poor's 500 could also close at a record.

For 2012’s first three months, the Dow Jones was up 8% and the S&P 12%--with each case seeing the best beginning since the 1990s great bull market. The Nasdaq composite index, which is composed of technology stocks, is also up a remarkable 19% for the year, making it its best kick-off since 1991.

Chip Cobb, who is a senior VP at Bryn Mawr Trust Asset Management, says he never would have predicted this. For these gains, he adds, he would have expected an entire year.