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For a second consecutive month, equity markets sold off again during June, with the S&P 500 down 5.23%. Only eight of the 134 subsectors that comprise the S&P 500 posted gains in June, up from only four in May. Despite having gained in the first four months of 2010, the S&P 500’s losses in May and June brought the year-to-date performance down to -6.65%, the third worst first-half return for the S&P 500 since 1982.
Mid-cap stocks underperformed large-cap stocks, with the S&P 400 down 6.55% for the month. Small-cap equities pulled back even more, with the S&P 600 down 7.07%. International equities outperformed domestic stocks, with the MSCI EAFE Index down 1.00% and the MSCI Emerging Markets index down 0.73%. Year-to-date performance for international equities remained depressed, as the MSCI EAFE Index was down 13.23% and the MSCI Emerging Markets index fell 6.17%.
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