Global financial markets closed out a buoyant first quarter yesterday, with some stock indices enjoying their biggest rally since 2009.

The FTSE World Index has climbed 11 per cent since January 1, its best quarterly performance since September 2010 and the best start to the year since 1998. “People realised they were pricing in Armageddon last year, and risk aversion has now been reversed,” said Bob Doll, chief equity strategist at BlackRock.

The US market has been led by strong gains for banks and technology stocks, with the 50 per cent surge in Apple’s shares alone accounting for 15 per cent of the S&P’s rise. By contrast the blue-chip Dow Jones Industrial Average, whose more defensive constituent stocks pay higher dividends, finished the quarter up 7.5 per cent.