Market commentary, 2nd Quarter 2015

The S&P was flat during the quarter as strong M&A activity and positive signs of global economic growth were offset by fears of a Greek exit from the Euro. Developed international equity markets were mixed. Continued aggressive easing in Japan contributed while investor anxiety relating to higher interest rates and financial market instability inhibited equity returns. Emerging markets rose slightly due to investor expectation of further monetary stimulus in China. Mutual fund investors decreased their holdings in stocks while increasing their holdings in bonds. The unemployment rate fell from 5.4% to 5.3%. The price of oil recovered from $54 per barrel to $59 during the quarter.