U.S. stocks, measured by the S&P 500 Index, posted a solid first quarter total return of 5.9%. It was the strongest first quarter since 1998. Those gains were delivered on light trading volume. Actually, to say trading volume was light is an understatement. March 2011 was the lightest month for trading since December 1999. The trend of declining trading volume that began at the start of 2010 has continued.

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