US STOCKS went nowhere, fast - for the week, month, the first quarter - but they may not flounder around the flat line for much longer.
After the volcanic rally in the fourth quarter, many traders had braced for a cooling-off period in the market. After all, the Dow Jones Industrial Average had risen more than 12 per cent from its low of 14,776 in early October to its high around 16,588 in December.
That's considerably more than the average annual move in the blue-chip index. Barring a major leap higher today, the Dow may confirm those suspicions. It closed on Friday at 16,323, 1.5 per cent lower than where it finished 2013.
"The market may have been ahead of itself in December," said Oliver Pursche,...