Global markets endured a rocky ride in the first quarter as commodity prices continued downward. After plunging over 11% by mid- quarter, equities slowly and steadily drifted back above water by quarter-end, rising 1. 3%, as measured by the S&P 500. The market's six-week recovery had a tone of caution as investors sought out more defensive, higher-yielding companies. The top-performing sectors were Telecom and Utilities, which surged 16.6% and 15.6%, respectively. Healthcare and Financials suffered the worst losses, each down over 5% for the quarter. Value stocks were finally favored over Growth stocks, after lagging much of last year. Mid Cap stocks managed to reel in a 3.8% return, while the smaller companies of the Russell 2000, fell 1.5%.