During the quarter, equity markets continued to rally, and the S&P 500 Index reached yet another all-time high in December of 1,848. This is now the fourth quarter in a row in which the S&P 500 has set a record. Economic growth has recently accelerated, and many of the investment catalysts we have been looking for have begun to surface. The environment remains reasonably favorable for many investments, but with the Federal Reserve beginning to decrease its quantitative easing program, markets may become more volatile for a period of time.
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