The Dow and S&P 500 both posted record point gains in the first quarter, as the market rode momentum from the improving situation in Europe and a strengthening American economy.
The Dow jumped 994 points, or 8.1%, to 1,212. The index finally closed above 13,000 on Feb. 28 after dipping above and back below the invisible barrier numerous times in the previous days. Technical analysts had said that once the Dow crosses 13,000 it should see little technical resistance for awhile.
The S&P 500 ended the quarter up 150.9 points, or 12%.
Both indexes posted their largest percentage increases since 1998.
Financial stocks and technology names helped power the rise. Bank of America (BAC), after a dismal 2011, bounced back big in the first quarter, rising 72%; it was the best showing in the Dow by a longshot. JPMorgan Chase (JPM) was second, up 38%. Microsoft (MSFT) posted the third-largest rise, at 24%. The Nasdaq was up 19% in the quarter.
Crude futures ended the month about 4.3% higher, despite a falloff in the past week on higher-than-expected supplies and more turmoil in the Middle East. Gold futures also rose 6.6% in the quarter to $1,669 per ounce, despite the bullish atmosphere for stocks and the improving global economy.
But not everything was up: natural gas futures continued their slide in the quarter, falling 29% to settle at $2.13 per million btu’s.
