The stock market declined by just over 11% during the second quarter as European budget issues, the flash crash, the oil spill and continued sluggishness in the U.S. job market heightened concerns over the durability of the economic recovery. While stock market corrections are not unusual for this stage of the economic cycle, investor anxiety levels are elevated given painful memories of recent stock market losses.
For additional insights on our current market outlook and strategy, performance and related disclosures, please read the attached Second Quarter Performance Review.