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1st Quarter 2014 Market Commentary
U.S. and overseas equity markets generally posted gains during the first quarter as major central banks around the world remained
committed to accommodative monetary policy.
For the quarter, the S&P 500 Index and the Russell 2000 Index of smaller companies advanced 2% and 1%, respectively. Healthcare,
utilities and information technology were among the top performing sectors, while consumer discretionary, industrials and
telecommunications services lagged. Across market capitalizations, small- and large-cap issues underperformed mid-cap companies.
Meanwhile, value stocks outperformed their growth counterparts.