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April 2014 Market Commentary

U.S. and overseas stocks posted mixed results during April. Meanwhile, volatility remained heightened as tensions between Russia and Ukraine escalated.

For the month, the S&P 500 Index rose 1%, while the Russell 2000 Index of smaller companies ended down nearly 4%. Energy and utilities were among the top performing sectors, while consumer discretionary, information technology and financials lagged. Across market capitalizations, large- and mid-caps outperformed smaller companies. Meanwhile, value stocks outperformed their growth counterparts.

U.S. fixed income markets moved higher as geopolitical concerns sparked demand for U.S. Treasuries. In this environment, long Treasuries outperformed shorter-dated Treasuries. Investment grade corporate securities posted solid results, led higher by utilitiesbacked issuers. Gains were more subdued among lower quality, higher yielding corporate securities. Other sectors, including mortgagebacked securities (MBS), asset-backed securities (ABS) and municipal bonds, also ended higher.

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