Global Market Summary

The US equity markets continued their upward trajectory in 2014, with the S&P 500 posting a gain of 13.7% for the year. This is the sixth consecutive year of gains for large-cap US equities in what has become the longest bull market since the 1970’s. The US economy has exhibited remarkable resiliency over the last six years, while Europe and Japan have struggled with how to reinvigorate their economies; US...

In the third-quarter, U.S. large-cap equities posted modest gains of 1.1%, while small-cap equities and high yield declined by 7.4% and 1.9%, respectively. Positive news regarding employment and manufacturing continued to paint a picture of an improving domestic economy. Investors generally ignored geopolitical events, such as the conflict in the Ukraine and the spread of ISIS in Iraq, and seemed more concerned that improving economic trends, especially increased strength in...

Equity and credit markets ended the quarter on a high note, with the S&P 500 and the Barclays Capital Aggregate Bond Index appreciating 5.2% and 2%, respectively. Investors’ appetite for risk assets remained steady in the face of a surprisingly large negative revision to U.S. first-quarter GDP growth, uncertainty surrounding future monetary policy, and political unrest in the Ukraine and the Middle East. During the quarter, the S&P 500 completed...