Global stock markets advanced in a holiday-shortened week; U.S. stocks turned in a strong March and first quarter. The brightening economic outlook drove a shift from growth toward cyclical companies; value and small-cap stocks outperformed.
After early wavering in the week, U.S. stocks regrouped and raced to a strong finish. The Dow Jones Industrial Average and the S&P 500 index pushed above recent highs but the NASDAQ Composite declined.
U.S. stocks declined during a week of choppy trading sessions. Only three S&P 500 sectors – communication services, healthcare and consumer staples – posted modest gains; the worst decliners were energy, financials and technology.