Stocks fell on the last day of the first quarter, but the S&P 500 notched its strongest quarterly performance since the last quarter of 2015. Fred Katayama reports.
Stocks edged lower Friday, the last trading day of what was a strong quarter. The S&P 500 and Dow booked their biggest first quarter gains in four years. Financial stocks like JPMorgan Chase and energy stocks like Exxon Mobil weighed on the S&P. Carin Pai of Fiduciary Trust: SOUNDBITE: CARIN PAI, EXECUTIVE VICE PRESIDENT, FIDUCIARY TRUST COMPANY, (ENGLISH) SAYING: "I think the markets are in a consolidation phase. Some of the high expectationsfor pro-growth policies from the Trump Administration are starting to maybe fade a little bit, and so we're starting to see the markets consolidate some of that trade." BlackBerry shares soared. The smartphone pioneer's net loss narrowed and beat forecasts. BlackBerry said it expects to post adjusted profit for the second year in a row. DuPont is buying FMC's health and nutrition business and selling its crop protection business to the chemicals company so it can get the EU's blessing for its merger with Dow Chemical. FMC shares shot sharply higher. Alcoa rose. BMO raised the rating on the aluminum giant to "outperform" from "market perform." Consumer spending barely rose in the U.S. in February, and consumer sentiment slipped in March. Utilites and tech stocks helped push the European markets higher. But the FTSE lost ground.