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Fixed-income investors saw the Barclays U.S. Aggregate index fall 2.44% as 10-year U.S. Treasury yields rose. That was the second-worst start to a year since the index's inception in 1976.

U.S. stocks continued to climb higher on Fed stimulus. International equities — particularly emerging markets stocks — moved in a different direction. REITs rose but suffered from the increase in interest rates.

Health-care stocks benefited from a number of high-profile M&A deals, while consumer discretionary and financial stocks were helped by signs of an improving U.S. economy.

Concerns about Chinese economic growth took a toll on commodity prices. Gold fell 26% during the first half of the year.