July saw a continuation of the global stock market recovery that began last October. Both U.S. and developed international stock markets increased by about 3%. Global small-cap stocks and emerging market equities, which had previously been weaker performers, delivered even better returns of 5% to 6%.
June was a good month for stock investors. Unlike earlier in the year when a few stocks drove nearly all the gains, June’s rally was broad. Nearly every category, sector, and style of stock participated in the gains.