Most equity indices hit new highs in the middle of August before some profit taking set in during the latter part of the month. Most major indices managed to hold on to positive returns for August. The S&P 500 inched ahead by 0.14% for the month. Small cap stocks, as measured by the Russell 2000, fared better, increasing by 1.77%. Value stocks increased during the month, but growth stocks posted modest negative returns. Developed international markets increased by 0.07% and emerging markets increased by 2.52%.
The U.S. fixed income markets were challenged in August as rates increased across the yield curve. The Barclays Aggregate Bond Index decreased by 0.11% for the month. Consistent with some strengthening in economic data, credit outperformed duration. U.S. Treasuries declined by 0.55%, while corporates posted positive returns. The Barclays Investment Grade Corporate Index increased by 0.20%, and the Barclays U.S. Corporate High Yield Index increased by 2.09%.
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