Stock Market Commentary -
Upward momentum for domestic equities continued into June until "tapering" comments by Ben Bernanke rattled the markets. The S&P 500 suffered its first negative return in several months, down 1.3%, yet closed the quarter up 2.9% and rose 13.8% year-to-date. Financial stocks took the lead in the quarter, gaining 7.5%, as signs of an improving economy and an impending end to the Fed's QE program created a favorable backdrop for banks and insurance companies. After a strong start to the year, Utilities lagged the most, losing 2.7% for the quarter. This sector along with other high dividend payers, have lost some of their appeal due to richer valuations and expectations that bond yields will continue to rise.
International markets suffered a pullback in June with fears of a liquidity squeeze in China. For the quarter, the MSCI Developed EAFE Index receded 0.7% and the MSCI Emerging Markets Index fell 8.1%. The real estate sector also lost ground with the DJ Wilshire falling 1.3%.
Please see full Update below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.