2013 2nd Quarter Commentary

2013 2nd Quarter Commentary

During the quarter, equity markets continued to rally.  In May, the S&P 500 Index reached an all-time high of 1,669, joining the Dow Jones Index, which reached an all-time high during the prior quarter.  Over the last 12 months, the S&P 500 has returned 25.8%, including dividends, with only minor pullbacks along the way.  In June, the market retreated slightly after comments by the Federal Reserve Board that signaled some "tapering" of its latest QE program if the economy continues to improve.  Interest rate - and inflation-sensitive sectors witnessed the biggest moves.  Given a continued slow-growth global environment and the inevitability of reduced support from the Fed sometime in the future, we are incrementally more cautious on the equity market. 


Download the 2013 2nd Quarter Commentary