MARKETS Investors cheered as the Fed turned dovish. Stocks enjoyed a vigorous turnaround in the first quarter after enduring painful performance and sinking sentiment in last year’s fourth quarter. Fed chairman Jerome Powell pivoted from endorsing further interest-rate hikes in December to proclaiming “patience” in January as the Fed’s new guiding principle for monetary policy. […]

MARKETS AND PERFORMANCE Investor worries overwhelmed fundamentals. A combination of worrisome factors—any one or two of which would normally be sufficient—drove stocks downward during the fourth quarter. The US trade war with China persisted. Global economic growth decelerated, particularly in China, sparking fears of corporate earnings declines, supply chain disruption and, potentially, a US recession. […]