August 18, 2016. By Richard Greene:
The March rally continued into the second quarter, albeit at a slower pace, as equity markets rose steadily. This rise
was disrupted in late June as the UK voted to leave the European Union, which saw global markets take a nosedive.
However, US stocks quickly snapped back, and finished the quarter near all-time highs. For the quarter, the
benchmark S&P 500 gained 2.46% while the Intelligent Index Model Portfolio advanced 3.01% largely on the
strength of small-cap and mid-cap stocks.
During the quarter, US economic data was mixed but generally positive. The labor market continued to tighten, retail sales surprised on the upside, and we saw improvement in the manufacturing sector, which had been a big drag on growth previously. While energy prices did rebound, they remain relatively low and continue to support consumer spending. Please take a moment to read our analysis of the quarter in our latest review: Intelligent Index Review Q2_2016
We look forward to updating you at the end of the third quarter, and as always please feel free to contact us with any questions.