Stock prices continued to rally in February, with the S&P 500 Index crossing the 5,000 level for the first time in the index’s history. Growth equities led the rally as strong earnings from technology names aided returns. International stocks participated but trailed their U.S. counterparts. Interest rates continued higher over the course of February as strong economic data and hot inflation reports pushed back the markets’ expectations for rate cuts. Fixed income experienced muted returns as price declines were offset by coupon payments.
