Stock prices up but first-quarter correction may not be over yet

US stocks rose last week but in a violent manner that the gains eked out suggests the first-quarter correction is not yet over.

The Dow Jones Industrial Average had its biggest point gain since 2015 on Monday and followed it up with one of its biggest point losses in the last couple of years.

The Dow rose about 2 per cent on the week, but lost 2 per cent overall for the first quarter, snapping a long quarterly winning streak and setting a volatile tone for the year.

Typically, violent moves - both up and down - are more associated with a bear market. The slow and steady march higher that characterised the stock market in 2017 is more of a classic bull market mood.

This week, the bearish mood could persist if early returns from earnings season or a March jobs report f…