Quarterly Report

Evan Applegate

GRAPHIC BY BLOOMBERG BUSINESSWEEK; DATA: BANK OF AMERICA MERRILL LYNCH, MORNINGSTAR; DATA COMPILED BY BLOOMBERG

The economy was so-so, but markets roared in the first quarter of 2013. Both the Dow Jones industrial average and the Standard & Poor’s 500-stock index passed their all-time highs.

Top asset classes

Global equities had the highest returns, as soaring corporate profits and signs of economic recovery boosted stock markets. Gold continued to slump as investors shifted into stocks.

Fund flows

As stock markets rallied, investors reversed course and started adding money to equity mutual funds and exchange-traded funds.

Sector winners and losers

The consumer discretionary and financial sectors had the most companies that surpassed the 10 percent gain in the S&P 500.

Best performer

Netflix +104%

Worst performer

Cliffs Natural Resources –51%

IPOs and M&A

Pfizer’s spinoff of animal drugmaker Zoetis was the only $1 billion-plus IPO in the quarter. The Heinz and Dell deals lifted the quarterly value of mergers and acquisitions 8 percent over last year’s first quarter.

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