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Quarterly Market Review

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Quarterly Market Review

Q2 2020 Market Review


  • U.S. equity markets rebounded sharply, up 22.0% (Russell 3000) in the second quarter as the economy started to reopen and markets benefitted from significant fiscal and monetary stimulus.
  • International equities rose to a lesser extent, posting a 16.1% gain over the quarter (MSCI ACWI ex U.S.).
  • The broad U.S. fixed income market delivered a 2.9% gain for the quarter (Bloomberg Barclays Aggregate). Credit-related securities, including corporate and high-yield bonds, outperformed this quarter.
  • After hitting 14.7% unemployment in April, the U.S. labor market improved the rest of the quarter with June unemployment dropping to 11.1%.
  • Growth stocks continued their outperformance this quarter with the Russell 1000 Growth outperforming the Russell 1000 Value by over thirteen percentage points.
  • The Federal Reserve kept rates at nearly zero during the quarter and signaled the likelihood of rates remaining at these levels for an extended period of time.