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Stocks continued to rally in May following strong results in April but returns varied considerably by style. While the conflict with Iran is clearly not over, the market continued to respond positively to news that negotiations were taking place.

Saying equity markets recovered in April would be an understatement. After selling off sharply in March as the Iran conflict escalated, equities rallied in April as cease-fire talks progressed. While the conflict is clearly not over, the market reacted positively to steps in that direction and robust earnings with a strong rally in April. See Table 1 for April, Q1, and YTD returns.