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Quarterly 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.