After dropping as much as 9% to kick off 2016, the S&P 500 staged one of the more remarkable comebacks in recent memory to end up posting a gain of 2.4% for the quarter (2.8% if you throw in dividends).
A lot of the optimism seems fueled by the Fed's activities (or lack thereof). Its Dot Plot report suggesting that the target Fed Funds rate would be 100 basis points higher by the end of the year never seemed realistic. It seemed like we were headed towards one, maybe two, rate hikes in 2016. Now, who knows if we'll see even one.
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