The first quarter has passed and we have seen 2 major developments.
(1) Narrowing of the U.S. market: share price increases in the U.S. market for a few large, seasoned and favored companies coinciding with actual price declines in most U.S. stocks. Although the S&P 500 was up slightly in the quarter, 63% of all New York Stock Exchange stocks, 47% of S&P 500 stocks, 55% of NASDAQ stocks declined in the first quarter according to Merrill Lynch.
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