Rally continued, but pace slowed
MONTHLY MARKET COMMENTARY |
Expectations that U.S. policymakers would complement ultra-accommodative monetary policy with additional fiscal stimulus extended the rebound in global risk assets through August. Large-cap technology stocks led the U.S. rally again with notable returns from Apple (+18.7 percent) and Amazon (+10.8 percent), lifting the S&P 500 Index 7.2 percent in August.
Although small-cap stocks trailed their large-cap counterparts, the Russell 2000 Index ended 5.6 percent higher. While growth continued to lead value stocks within domestic equities, small-cap value stocks led the rally within international developed stocks and lifted the MSCI EAFE Index 5.1 percent. The MSCI Emerging Market Index rallied 2.2 percent, led by a 4.4 percent return on Chinese equities, and ended August in positive territory year to date.
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