If you were expecting a bit of a pullback to start December after November’s big gains, it didn’t come this week.  While November’s performance for the US and global equities was the equivalent of a good year, December’s MTD returns already would be considered a great month!  Major US equity indices are all up 2% already, and the small-cap Russell 2000 is up close to 4%.  Every sector with the exception of Utilities is also up on the month, but Energy is by far the biggest winner with a gain of over 10%. Even after that gain, though, it is still down nearly 30% on the year. In international markets, we’ve also seen big gains with countries like Brazil, Mexico, Spain, Russia, and the UK all up over 5%.  Lastly, as one might expect given the big gains in equities, bonds are all lower on the month with the most weakness at the long end of the curve.

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