While the Dow Jones Industrial Average soared 391.47 points on Tuesday and many investment banks' stocks rocketed in the mid-double digits on the good news of infusion of capital from shareholders, Lipper preliminary data on mutual fund results for the first quarter of the year was disappointing, The Wall Street Journal reports this morning.

Diversified U.S. equity funds, for instance, tumbled 10.1% on average in the quarter, and even global equity funds took an average hit of a 9.6% decline.

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