Volatility has returned | After a calm 2021 where the biggest pullback in the S&P 500 was barely over 5%, volatility has returned in 2022. At one point in the first quarter, we saw the S&P 500 down more than 14% from the all-time high reached in January. After a furious rally in late March, the index finished down 4.6% for the quarter. Small-cap stocks and growth stocks fared even worse. Bonds offered no place to hide with the Barclays Aggregate Bond Index finishing the quarter down 5.9%.
