2014 2nd Quarter Commentary

2014 2nd Quarter Commentary

During the quarter, equity markets continued to rally, and the S&P 500 Index reached yet another all-time high in June of 1,963.  After a pause in economic growth during the first quarter due to harsh winter weather, the economy is showing signs of improvement.  Over the past two years, the S&P 500 has returned 50.1%, including dividends, with only minor pullbacks along the way.  The Chicago Board Options Exchange Volatility Index (VIX)—a gauge of investor anxiety about market swings—sank to 10.61, its lowest reading since February 2007.  We continue to position portfolios for modesteconomic growth, although we do expect higher volatility to reemerge at some point.


Download the 2014 2nd Quarter Commentary