The March quarter of 2013 closed with the U.S. stock market at record highs. The year started strong with the agreement in Congress to avoid dramatic automatic tax increases and has been moving higher ever since spurred by strong corporate profits and monetary stimulus from the Federal Reserve. In general, the macro‐ economic data continues to show slow improvement with notable gains in employment and a continuing recovery in housing. The S&P 500 finished the quarter up 10.7% while the Dow Jones Industrial Average posted a gain of 11.9%.

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