During the first two months of the quarter, stocks moved steadily higher on the enthusiasm and expectations of stronger economic growth, lower corporate income taxes, higher government spending on infrastructure and a more business friendly regulatory environment. The stock market reaction reflected instant success of the Trump pro-growth agenda without any regard to potential adverse unintended consequences or the possibility that some of these initiatives may not be implemented.

The S&P 500 set 12 all time highs during the quarter, the most recent on March 1 at 2,396. Since then, the S&P 500 has slowly drifted lower and ended the quarter at 2,363, for a return of 6.1%. Technology was the best performing sector during the quarter, up 12.6% and energy was the worst, down 6.7%. Overall, growth did better than value, and large cap did better than small cap during the quarter.

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