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The solid returns for the broad market during the first quarter were driven primarily by improving U.S. economic data and investors' increasing comfort with Europe's challenges. The U.S. data mostly exceeded expectations, most notably consumer and jobs data. Meanwhile, European policy makers made significant progress toward resolving their debt crisis, creating a favorable macroeconomic backdrop for financial markets, and equities and credit in particular.
"Market Insight First Quarter 2012" LPL Financial Research