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  • Volatility continued to pick up globally in March causing most markets to finish the quarter in negative territory
    • The S&P 500 experienced its first quarterly decline since the third quarter of 2015
  • The S&P 500 finished the month with a negative 2.7% return
    • Top Sectors: Real Estate (+3.8%), Utilities (+3.8%)
    • Bottom Sectors: Financials (-4.3%), Materials (-4.2%)
  • Large Cap Value beat Large Cap Growth in March as Growth experienced its worst month since January 2016
  • Small Cap stocks gained 1.2% on the month, outperforming both large and mid-cap stocks
  • International Developed countries outperformed U.S. stocks by 1.9% on the month
  • Emerging Markets rose by 0.5% on the month, finishing the quarter with a positive 2.5% return
  • Long-Term Treasury yields declined on the month as market volatility and fears of a global trade war caused a flight-to-safety into Treasury bonds
    • The ten-year Treasury yield fell by 0.13%, ending the month at 2.74%


  • The economy created 103,000 jobs in March bringing the average on the year to 202,000 per month
    • Manufacturing, health care, and mining industries contributed most of these job gains
  • The Federal Reserve met in March and decided to increase the Federal Funds rate by 0.25%, bringing us to a range of 1.50-1.75%
    • Fed members now expect to raise their policy rate by another 0.50% through the end of the year
  • Market volatility remained elevated last month as investors fear a global trade war due to heated negotiations between the U.S. and China over tariffs being placed on exports from both countries

Asset Performance 3/31/2018**

*Merrill Lynch**Bloomberg. Charts are shown for illustrative purposes only. Respective services provided by ARGI Investment Services, LLC, a Registered Investment Adviser, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance Solutions. All are affiliates of ARGI Financial Group.