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4 reasons the first quarter was better than it appeared

MarketWatch.com – After the S&P 500 Index ended last year at an all-time high (with a 10.5% gain in the fourth quarter alone), optimism and momentum were strong leading into 2014. But something changed all of a sudden.

Instead of extending its advance, the benchmark index eked out an increase of only 1.80% during the first quarter. (The bond market, as measured by the Barclays Capital Aggregate Index, climbed 1.84%.) And the S&P 500 fell as much as 4% in the current quarter.

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