Fear that the U.S. may not be able to sustain continued economic recovery was a principal reason that the equity markets declined for the second month in a row. U.S. equity markets, represented by the Russell 3000, fell 5.8% in June. The Russell 3000 has declined 15.4% from its year-to-date high in late April, resulting in a 6.0% decline for the year.
Economics Highlights
First-quarter growth was less robust than expected. The Department of Commerce’s final revision of the Gross Domestic Product (GDP) was lowered to 2.7% from its first revision of 3.0% and its initial estimate of 3.2%. The final revision reflected an upward adjustment to imports and a downward change to personal consumption expenditures.
Geopolitical Headlines
Passage of a comprehensive financial regulatory reform bill moved closer to reality when members of the House and Senate conference committee announced they had negotiated a compromise version of the bill. The bill subsequently passed the House and currently awaits Senate action.
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