Thu, July 07, 2021

Equities continued to rise in the second quarter amidst optimism about economic growth and Covid-19 containment. Global equities, as represented by the MSCI All Country World Index, rose by 7.4% for the quarter and have returned 12.3% year-to-date through June 30.  The S&P 500 gained more than 8%, for a year-to-date return of more than 15%.  U.S. small company stocks gained 4% during the quarter, a slowdown from the torrid pace to start the year; small company stocks remain ahead of large company stocks for the year with gains of more than 17%.  Developed international stocks, as measured by the MSCI EAFE Index, rose by more than 5%; the MSCI Emerging Markets Index also gained about 5% during the quarter.