As of Friday’s close, a Dow Jones Industrial Average had climbed 1.7% for a year.
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The year’s initial half can be summed adult succinctly: indeterminate markets producing considerable gains.

Investors came into 2014 with low concerns. Following a SP 500 index’s 32% benefit (including dividends) in 2013, some disturbed a marketplace would run into headwinds of profit-taking. Others were assured that a delayed alleviation in a U.S. economy would send bond prices lower, as investors expected a change to aloft seductiveness rates by a Federal Reserve, a fear that would also import on stocks.

Early in a year, holds ran into problems as oppressive winter continue in vast tools of a nation sparked concerns that a economy was weakening. But a marketplace shortly rebounded, assured that softened expansion was forward as winter incited into spring. So far, a gamble has valid accurate: The U.S. economy has improved, yet it isn’t transparent how clever a miscarry will be.

As of Friday’s close, a Dow Jones Industrial Average had climbed 1.7% for a year, a SP 500 was adult 6.1%, and a


Nasdaq



NDAQ +0.58%



NASDAQ OMX Group Inc.


U.S.: Nasdaq


$38.24


+0.22
+0.58%



Jun 27, 2014 4:00 pm

Volume (Delayed 15m)
:
1.21M



AFTER HOURS



$38.23


-0.01
-0.02%


Jun 27, 2014 5:15 pm

Volume (Delayed 15m):
242,258




P/E Ratio
14.38

Market Cap
$6.53 Billion


Dividend Yield
1.57%

Rev. per Employee
$1,009,210









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Composite Index was adult 5.3%. The gains were helped by low seductiveness rates and a default of alternatives for investors, rather than unrestrained over a opinion for profits.

“Excess money and liquidity are pushing item prices adult opposite a board,” says

Michael Harnett,

Bank of America Merrill Lynch’s arch investment strategist.

Among SP sectors, utilities led a way, adult 15.5% for a year by Friday, helped by descending bond yields, that make application dividends demeanour attractive.


Pepco Holdings



POM +0.33%



Pepco Holdings Inc.


U.S.: NYSE


$27.40


+0.09
+0.33%



Jun 27, 2014 4:03 pm

Volume (Delayed 15m)
:
911,507



AFTER HOURS



$27.40


0.00
0.00%


Jun 27, 2014 4:56 pm

Volume (Delayed 15m):
73,919




P/E Ratio
23.49

Market Cap
$6.88 Billion


Dividend Yield
3.94%

Rev. per Employee
$958,806









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is adult 43% for a year.

Energy shares are adult 11.6%, amid sepulchral output.


Newfield Exploration



NFX -0.30%



Newfield Exploration Co.


U.S.: NYSE


$43.53


-0.13
-0.30%



Jun 27, 2014 4:04 pm

Volume (Delayed 15m)
:
1.83M



AFTER HOURS



$43.53


0.00
0.00%


Jun 27, 2014 4:56 pm

Volume (Delayed 15m):
286,566




P/E Ratio
14.13

Market Cap
$5.93 Billion


Dividend Yield
N/A

Rev. per Employee
$1,273,900









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is adult roughly 77%.

Health-care shares have risen 10.1%. So-called consumer-discretionary shares (those of retail, party and other companies whose products aren’t staples) were a worst-performing zone in a SP 500, down 0.1%. Coach fell roughly 39%, for example.


Best Buy



BBY +2.37%



Best Buy Co. Inc.


U.S.: NYSE


$31.04


+0.72
+2.37%



Jun 27, 2014 4:03 pm

Volume (Delayed 15m)
:
4.56M



AFTER HOURS



$30.89


-0.15
-0.48%


Jun 27, 2014 5:15 pm

Volume (Delayed 15m):
294,201




P/E Ratio
10.14

Market Cap
$10.83 Billion


Dividend Yield
2.45%

Rev. per Employee
$300,464









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forsaken 22% and


Amazon.com



AMZN -0.34%



Amazon.com Inc.


U.S.: Nasdaq


$324.57


-1.12
-0.34%



Jun 27, 2014 4:00 pm

Volume (Delayed 15m)
:
2.15M



AFTER HOURS



$324.30


-0.27
-0.08%


Jun 27, 2014 7:59 pm

Volume (Delayed 15m):
269,689




P/E Ratio
507.14

Market Cap
$149.36 Billion


Dividend Yield
N/A

Rev. per Employee
$666,019









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fell scarcely 19%.

“The sectors that were many overvalued corrected,” says

Robert Brown

of AllianceBernstein.



cat

The bond marketplace showed startling resilience: Prices rose (which means yields fell). Part of a reason: The Fed has consistently signaled that it will revoke a purchases of bonds, though isn’t in any rush to lift seductiveness rates, that would revoke prices on superb bonds. As of Friday, a furnish on a benchmark 10-year Treasury note stood during 2.531%, a large dump from 3.030% on Dec. 31.

“The biggest warn was a interest-rate reversal,” says

Jack Ablin,

arch investment officer of BMO Private Bank.

He says rising bond prices sent investors into bond-like investments such as real-estate investment trusts. REITs were one of a top-performing groups within a batch marketplace during a initial half. The MSCI U.S. REIT Index gained about 15%.

For a U.S. economy, it was a story of dual quarters. The severe winter had a outrageous impact on a initial quarter, with sum domestic product constrictive during an annual gait of 2.9%, after inflation.

Investors shrugged off a economy’s stumble, assured that activity would perk adult in a second quarter, as a continue improved. Economists now design a economy to have stretched by about 3% in a second quarter, with plain pursuit expansion boosting hopes for a second half.

“The second entertain is moulding adult for a quick rebound,” says

Sam Bullard,


Wells Fargo‘s



WFC +1.01%



Wells Fargo Co.


U.S.: NYSE


$52.90


+0.53
+1.01%



Jun 27, 2014 4:05 pm

Volume (Delayed 15m)
:
13.97M



AFTER HOURS



$52.78


-0.12
-0.23%


Jun 27, 2014 6:08 pm

Volume (Delayed 15m):
2.89M




P/E Ratio
12.93

Market Cap
$278.63 Billion


Dividend Yield
2.65%

Rev. per Employee
$332,307









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comparison economist. He expects expansion “to organisation in a second half of a year.”

But a second half of a year could be noted by excitability about acceleration and doubt as to when a Fed competence vigilance some-more zeal to lift rates, some say.

James Paulsen,

arch investment strategist during Wells Capital Management, says a second half “may infer rougher” as investors start to worry that mercantile strength will furnish descending bond prices. If a furnish on a 10-year Treasury rises to about 3.5%, a improvement for holds could result, he says.

“Rates could trend aloft as acceleration vigour builds,” adds Mr. Ablin. “That could retreat interest-rate-friendly classes, like holds and REITs.”

Mr. Paulsen argues that holds are expected riskier than stocks. He’s a fan of holds in tech and materials, and safer sectors such as utilities and consumer staples.

Stock gains will be “fairly muted,” Mr. Brown says, “as investors work by concerns” about how costly holds have become, among other issues.

Write to Gregory Zuckerman during gregory.zuckerman@wsj.com