A graph for stock prices for the first quarter would appear as a distinctive “V” shape, as sharp declines during the first month and a half suddenly reversed themselves. Generally, the asset classes that fared the worst during 2015 and early 2016 – emerging markets and natural resource stocks - experienced the strongest recoveries and ended the quarter with significant gains. US stocks ended slightly ahead for the quarter, while Europe lagged. Bonds recorded unusually large gains during the quarter, as the Fed signaled a pullback from plans for aggressive interest rate increases. The dollar fell and this provided a significant boost to international bonds.