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Uncertainty led to a poor showing by U.S. equities in the third quarter, as fears about China's future growth prospects weighed heavily on the markets. The Fed's announcement that it would not raise rates created additional concern about the health of the global economy. On a total return basis, the S&P 500® ended down 6%, while the Dow Jones Industrial Average® ended down 7%. Utilities were the only sectoral performers that ended the quarter in the black (up 5%).
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Mid- and small-cap U.S. equities also struggled as the S&P MidCap 400® and the S&P SmallCap 600® declined 8% and 9% on the quarter, respectively. Defensive strategies outperformed, as the S&P 500 Low Volatility High Dividend Index ended slightly in positive territory. |
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