April 2019

April was a remarkably good month for all major types of stocks. U.S. stocks led the way, with large caps (S&P 500) up 4.05 percent and hitting an all-time high during the month, recovering from last autumn’s sharp decline. Small caps (S&P 600) were hot on their heels, up 3.87 percent. Global stocks fared well too. Developed-market stocks were up 2.81 percent and emerging-market stocks 2.11 percent (MSCI EAFE and Emerging Markets indices). Volatility was notably absent in the U.S. stock market. The S&P 500 moved by +/- 1 percent on only one day in April. Bonds were almost unchanged over the month, with the Bloomberg Barclays Aggregate Bond Index up 0.03 percent.