The Bull Market Goes On, From Bob Doll, vice chairman and chief equity strategist, BlackRock

Last week was difficult for equity markets as ratings downgrades on European sovereign bonds raised fears of credit contagion. Last week also brought news that US gross domestic product (GDP) had grown at an estimated 3.2% pace in the first quarter, indicating that the US economy continues to recover at a moderate pace. While some sectors (such as consumer spending, business investment, equipment and software, and inventories) are providing strong momentum, other variables (including private nonresidential construction, international trade and state and local government spending) are acting as a drag. In all, the report confirms our view that the economy is transitioning from a government-aided recovery to a self-sustaining expansion. The key factor remains growth in private sector jobs; we expect to see moderate growth.

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