Market Comments: As of July 2015
In the 2nd quarter, U.S. GDP grew at a 2.3% annual rate, slightly lower than expectations but still a solid reading considering that the 1st quarter rate was revised upwards into positive territory. Large cap stocks fared well, with the S&P 500 gaining 2.10% in July. Overseas, Greece struck another temporary deal with its creditors, postponing any further defaults for now. International equities applauded this result, increasing 2.08%. Emerging market stocks were noticeable big decliners, with wild swings on the Chinese stock exchanges dragging the MSCI EM index down nearly 7.0% during the month. Both fixed income yields and oil prices moved lower after climbing steadily higher in the 2nd quarter.