Fears of triple-dip recession could reverse stock market's soaring start to the year By Sam Dunn The stock market enjoyed a soaring start to 2013, but could fears of a triple-dip recession be about to turn the rally into a slump? After a stunning first three months, the FTSE 100 index of Britain's biggest companies has fallen from the peak it hit in March. It rose to 6,525, having climbed by 10 per cent in a matter of weeks. Economic data out on Thursday could show the country is in a triple-dip recession. If this happens, confidence could fall away and the FTSE could slump sharply. Any gains investors have made so far this year could quickly disappear. Many believe the FTSE could end the year roughly where it is now. Tom Stevenson, investment director at Fidelity Worldwide Investment, says: "There is an awful lot to worry about. First, China's growth has slowed, and China is the engine for global growth. Much of the world demand has come from China, so when that falls off, it's felt around the world. Early in the new year, soaring U.S. house prices and confidence over Chinese growth pushed up share prices. These global events are all important for the UK's main stock market index, because the vast majority of listed companies are giant overseas multinationals. "Two-thirds of the FTSE 100"s income comes from overseas growth," says James Butterfill, equity strategist at Coutts Bank. This means the roar of the FTSE 100 often doesn't reflect what's going on in the UK at all. Investment experts believe that instead of looking for profits from the FTSE, investors should look to individual stocks. A number of leading British names have celebrated top profits. For example, in February BT announced a £675million profit for July to September 2012, pushing up its share price to £2.65 as its planned revamp to cut costs won City admirers. Pharmaceutical giant GlaxoSmithKline, which sells popular drug brands including anti-depressant Seroxat as well as household drinks Ribena and Lucozade, is up by more than 20 per cent since January 1. It has revealed a staggering £6.74billion profit for the whole of 2012 and 10 per cent growth in emerging markets for its drugs. Mobile phone provider Vodafone is up by a fifth, and BT up by 17 per cent. However, despite the recent wobble, Mr Stevenson says the FTSE 100 has successfully climbed what he describes as a "wall of worry" and is bullish about the future. As long as there are concerns - and there are plenty of them at the moment - then it means there are lots of new buyers waiting to come in, which is good. I think there's some way to go. I'm sure we'll see out the year higher than it began. But there will likely be a correction along the way, and we could see another of these during late spring or summer. Mr Butterfill at Coutts believes the index will end the year at 6,310 - roughly where it is today. He stresses that so-called "defensive" stocks such as BAT, Vodafone and BP - giant multi-nationals whose oil, cigarettes and mobiles sell strongly whatever the economic weather - are a key motor for the FTSE 100. The best way to invest in the FTSE 100 is through a tracker fund, or a low-cost exchange traded fund (ETF). Any investor wanting to put into a fund should check annual charges. Fee differences of as little as 0.5 per cent can mean you lose out on thousands of pounds over the years.