On the back of a relatively good earnings season, August saw moderate gains, with the S&P 500 Index nearly surpassing its year-to-date high during the month. Domestic large-cap stocks, as measured by the S&P 500, gained 2.25% for the month, while small- and mid-cap stocks fared even better. Foreign stocks were mixed; developed markets, as measured by the MSCI World ex-U.S. Index, rose 2.85% while the MSCI Emerging Markets Index fell 0.33%. The bond market was relatively flat in August: Treasuries and the Barclays Municipal 1-10 Year Index fell slightly, while the Barclays Capital U.S. Aggregate Bond Index inched up 0.07% for the month. High-yield bonds, however, continued to fare well, with the Barclays U.S. Corporate High-Yield Index gaining 1.17%. (Source: Morningstar. Please note that it is not possible to invest directly in to an index.) Overall, the economy remains sluggish. This is reflected in mild second-quarter GDP growth numbers, recently revised upwards from
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