After a year in which the S&P 500 advanced by more than 28%, the first quarter saw major volatility with the S&P 500 ending the first quarter of 2022 down 4.6%. At the lowest point, the 500 largest companies were down 12.5% on March 8th, but rallied nicely through the end of the month. Growth stocks were particularly hard hit with the Nasdaq down over 20% at its low. The first Fed rate hike since 2018, the biggest conflict in Europe since WWII and the highest level of inflation in 40 years all weighed on investor confidence.

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