The “risk on” trade continued in April but with broader participation. The international markets generally outperformed the U.S. markets (S&P 500 +0.39% vs. EAFE +2.90%) for the first time since April of 2015 due to the stabilization of the energy and materials markets.

The Barclays U.S. Corporate High Yield Index (+3.92%) led the fixed income markets while Treasuries declined slightly (U.S. 10 Year Treasury -0.16%).

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