Investor uncertainty rose again last month, pulling stock prices lower for March and now the year-to-date. U.S. stocks fell -5.9%, the hardest hit of which were small-cap stocks with losses close to -7%. Foreign stocks fared much better with a decline of -0.1%, holding on to a year-to-date gain of +5.4%. Gains were posted in both developed markets and emerging markets. Lower yields boosted prices for highest quality bonds, but widening credit spreads weighed on corporate bond prices. The U.S. taxable bond market broke even in March while retaining a gain for the first quarter.