The first quarter provided no relief from the stock market declines of 2008. The averages were down across the board with one lone bright spot: emerging markets. The broad equity indices were down 9-15%. Emerging Markets were up 1%. Bonds were up slightly except for high quality municipal bonds which were up 3.5%.

The first quarter provided no relief from the stock market declines of 2008. The averages were down across the board with one lone bright spot: emerging markets. The broad equity indices were down 9-15%. Emerging Markets were up 1%. Bonds were up slightly except for high quality municipal bonds

which were up 3.5%.