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Market Update

Second Quarter in Stocks: Let the Good Times Roll

Saying it was a good quarter for stocks would be an understatement.

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Saying it was a good quarter for the stock market would be an understatement. Between April 1 and June 24, 2003, the Dow Jones Industrial Average rose 13.5%, the S&P 500 Index was up 15.7%, and the Nasdaq Composite gained 20.1%. All but one of the Morningstar stock sectors showed double-digit gains, and a majority rose more than 15%.

Certainly one of the reasons for investors' increased exuberance was the end of major fighting in Iraq. During the first quarter as well as most of 2002, the country had to deal with the drumbeat of war and all the uncertainties of a looming conflict. But today, Saddam Hussein is no longer a factor, and the price the country paid for the war (both in lives and money) was far less than it could have been.

Paul Larson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.