Stocks Post Best First Quarter Since 1998
NEW YORK (TheStreet) --The major U.S. equity indices wrapped up their best first quarter since 1998 with a mixed finish on Friday.
The Dow Jones Industrial Average and S&P 500 both gained ground, helped by a positive read on consumer sentiment and the eurozone's move to bolster its rescue fund. The Nasdaq Composite, however, slipped as Apple (AAPL) dropped lost 1.7% and dropped back below $600 for the first time in a week after a labor advocacy group reported difficult worker conditions at Foxconn, a major supplier to the iPhone and iPad maker.
The S&P 500, which has increased 12% year-to-date, has only seen double-digit first-quarter gains 11 times since 1928. The index was up 5 points, or 0.4%, to close at 1408 on Friday.
The Dow Jones Industrial Average was higher by 66 points, or 0.5%, to finish at 13,212. The blue-chip index rose more than 994 points in the first quarter, its biggest point gain ever, according to Dow Jones Indexes. After booking a 5% gain in 2011, the index is up 8.1% so far this year.The Nasdaq, which notched its seventh consecutive week of gains, was down 4 points, or 0.1%, to close at 3092. The tech-heavy index surged 18.7% in the first quarter.
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