May 2021

There was little red to be seen in April, as dovish language from the fed, lower interest rates, and meaningful vaccination progress in the U.S. led global equity and fixed income markets higher. Within the U.S., the benchmark S&P 500 index ended the month higher by 5.35%, with large cap growth stocks taking a leadership position for the first time since January. International markets trailed their U.S. counterparts, but still posted positive absolute returns in both developed and emerging economies, +3.01% and +2.49%, respectively.