S&P 500 eyes strong first quarter close A disappointing month for energy stocks failed to slow down the S&P 500 as it headed for its best first quarter in more than a decade, led by technology and financial shares. The S&P 500 energy sector index fell nearly 4 per cent this month, retreating from cyclical highs hit in February, as oil and gas prices recently dropped. But worst among energy equities was solar power systems maker First Solar . The Arizona-based renewables company's business has faced continued pressure from Chinese manufacturers, who produce huge quantities of cheap panels, and the prospects of government cuts to subsidies that have supported the industry. Shares in First Solar sunk nearly 23 per cent in March to make the company the worst-performing stock on the main US market. A year ago, First Solar shares traded for more than $150 but as the first quarter came to a close, they were down to $25. Analysts were not optimistic about the company's fortunes. Theodore O'Neill at Wunderlich Securities said: "It's hard to find a reason to get positive on First Solar right now. First Solar always made the case that they had these tremendously inexpensive solar panels and it comes out that they were getting all these subsidies from the Department of Energy. They also had accelerated failures in the field for some of the solar panels, which usually lose about a half a per cent a year in efficiency, but these panels were dropping by 3 times that, forcing First Solar to write down $250m on warranties for them. Oil rig and field service companies were also hit as oil prices fell nearly $4 in the month after rising steeply in February. Nabors Industries and Baker Hughes , two oil services companies, dropped 20.9 and 17.6 per cent respectively. Coal miners Alpha Natural Resources , down 19.2 per cent, and Peabody Energy , down 17.1 per cent, were also among the sector's biggest losers in March. A warm winter reduced demand for coal and new regulations passed down by the Environmental Protection Agency on greenhouse gas emissions added to pressure on the shares. Overall, the S&P 500 climbed 3.1 per cent to 1,408.15 for the month, finishing with its biggest first quarter gain since 1998. Technology stocks, led by Apple, snatched leadership of the S&P 500"s gains away from financials, which have continued their impressive recovery from lows hit in December. The S&P 500 information technology index edged slightly ahead of the financials index to lead all the main sectors in the three months of trading to March 30. The tech sector has risen 21.4 per cent in the first quarter, while financials were up 21.1 per cent and have ceded the pole position among sector indices, following a dismal 2011. Apple , the world's largest company by market value, has had an outsized influence among equities and accounts for about 15 per cent of the S&P 500"s rise. The iPad and iPhone maker broke the $620 mark earlier this week and was up just under 50 per cent in the first quarter. The company, which debuted its latest series of products earlier in March, including a third version of its popular iPad tablet, was up about 11 per cent this month, trading just above $600 as its chief executive, Tim Cook, visited its suppliers in China and backed reforms for workers at Foxconn. Shares in Research In Motion , the BlackBerry maker, rose on Friday after the company released its fourth-quarter results, which revealed a sharp fall in sales. The Canadian company vowed to conduct a review of "strategic opportunities," as it reported a net loss of $125m for its financial year, down from a profit of $934m in the same period a year ago. Shares in RIM, having fallen 75 per cent over the past year, were down just 1 per cent since the start of the year at $14.38. LinkedIn , the online professional networking site, climbed almost 19 per cent in March to $103.10. Shares in the company have risen more than 60 per cent in the year to date. Bank of America , which passed the Federal Reserve's stress tests but declined to return capital to shareholders earlier this month, has been the best performer among the major banks. Shares in Bank of America are up more than 17 per cent in the first quarter, putting them just ahead of JPMorgan Chase "s 16.1 per cent rise for March. The Dow Jones Industrial Average rose 2 per cent in March to 13,213.48, heading into the final afternoon of trading for the quarter. The Nasdaq Composite Index climbed 4.5 per cent in March to 3,099.66. Fresh consumer spending data for February, released on Friday, showed the biggest monthly rise in seven months, suggesting increased confidence among shoppers. Spending rose 0.8 per cent, beating forecasts, while incomes were below market estimates and held steady with January figures, up just 0.2 per cent.