Markets continued their advance over the quarter as accomodative monetary policy and multiple COVID-19 vaccine approvals bolstered the economic recovery. U.S. stocks (S&P 500) were up 12.15% as the economy continued its rebound. Emerging markets and foreign developed markets were up 19.7% and 16.05%, respectively, also rallying on an improved economic outlook and helped by a slightly weaker dollar. The Federal Reserve held rates steady and continued to grow its balance sheet. Investors decreased their holdings of stock market mutual funds/ETFs, but increased their holdings in bond mutual funds/ETFs. The unemployment rate fell to 6.7% from 7.8% at the end of September. The price of oil increased from $40 to $52 a barrel over the quarter.