The S&P 500 was flat during the quarter because of lowered expectations of corporate earnings and GDP growth. In the U.S. equity markets, the differences in performance between small cap stocks and growth versus value were dramatic. Developed international equity markets rose on positive economic data, reduced austerity, and sustained monetary stimulus in Europe and Japan. Emerging markets rose as the prospect of global monetary stimulus outweighed concerns of slowing Chinese economic growth. Mutual fund investors increased their holdings in stocks and bonds. For the quarter, stock funds had net inflows of $2.6 billion and bond funds had net inflow of $37 billion. The unemployment rate fell from 5.7% to 5.5%, and the price of oil decreased by 9.4% during the quarter.