The S&P 500 Index declined ‐2.2% in October but outperformed the Russell 2000
Index’s ‐6.9% decline. The Utility sector was the top‐performing S&P 500 sector,
while Energy and Consumer Discretionary led to the downside.
Corporate investment‐grade bonds produced a ‐2.4% total return in October,
underperforming corporate high‐yield bonds’ ‐1.0% total return.
International stocks underperformed U.S. stocks. The MSCI EAFE Index of
developed market stocks declined ‐2.9% and slightly outperformed the MSCI
Emerging Market Index’s ‐3.3% return.
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