Global equity markets sprang into action in March, notching a monthly return ranking among the top 10 in the last 10 years. Volatility in March extended the downward trend it began in February, falling back to levels experienced during much of the first half of 2015. The S&P 500’s 6.8% total return in March is the third highest calendar month return over the last five years. Additionally, the spot price of crude oil continued to climb off its all-time low in February, nearly breaking through $40/barrel before settling back below $38 by the end of the month.