The US stock market, as represented by the S&P 500, finished up 9.07% on the quarter, adding to a slightly positive return in the third quarter and closing the year up 31.49%. Smaller US stocks trailed behind but still rose significantly, up nearly 10% for the quarter and over 25.5% for the year. International stock markets and emerging markets trailed domestic equity markets further on the year, but performed well in the quarter with returns of 8.92% and 11.84%. On the credit side, core bonds rose 0.18% and high yield bonds rose as well, up 2.61% for the quarter, impacted by lower rates and tightened spreads . Emerging market (EM) bonds rose moderately as well, up 2.09% on the quarter.
