During the quarter, equity markets continued to rally, and the S&P 500 crossed an important psychological barrier of 2,000, although it ended the quarter at 1,972. After a pause during the first quarter, economic growth surprised to the upside in the second quarter and has resumed the upward trend that began in the middle of 2013. The industrial part of the economy continues to improve. Geopolitical risks continue to grow and may be a source of instability, but for now, volatility for the overall market has remained muted. Earnings have grown at the same pace as stock prices, so valuations remain reasonable. The environment remains favorable for many investments, and we continue to position portfolios for modest economic growth.
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