Beyond the Headlines | Steve Henderly, CFA
“Don’t judge a book by its cover” might be an appropriate phrase for investment results of the 2nd quarter. Headlines remained scary entering April as the Iran war was not resolved and oil prices continued to swell through mid-May. Inflation concerns, shifting expectations for Federal Reserve policy (rates), and questions surrounding artificial intelligence spending seemed like a recipe for a difficult investing experience. In spite of this scary backdrop, the S&P 500 rebounded from its March drawdown, enjoyed a nine-week winning streak, and logged 21 new all-time highs in April and May. It was the strongest quarter for the S&P 500 in six years, and sixth best since 1950. Even more surprising, the Russell 2000 (small companies) was up 22% YTD, the best performance since 1991!