So Far, So Good, From Bob Doll, chairman and chief equity strategist for fundamental equities, BlackRock
First-quarter earnings season is now about halfway over, and on a dollar-weighted basis, earnings have beaten expectations by 18%, and revenues are 7% ahead of expectations. Against this strong backdrop, the Dow Jones Industrial Average advanced 1.7% to end the week at 11,204, the S&P 500 Index rose 2.1% to 1,217 and the Nasdaq Composite climbed 2.0% to 2,530. With these gains, stocks have more than offset the effects of the late January/early February correction and are now up more than 9% for the year. The leaders in terms of market sectors have been technology, consumer discretionary, energy and healthcare.
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