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--The first quarter delivered good news and bad, but nothing that would derail equity markets from their pursuit of new highs. --Though bonds outperformed equities in the quarter, positive performance was broad-based. --Resurgence in the manufacturing sector — driven in part by the monumental gas boom — is finding its way into corporate profits. --The more acute issues in the emerging markets have eased, fueling a V-shaped comeback by their equity markets.