Stocks continued to rally in November, although U.S. stocks outperformed by a wide margin relative to foreign stocks. The S&P 500 Index rose 3.0% while the MSCI EAFE Index produced a 0.8% gain for the month. While this marks the second consecutive month of superior performance from U.S. stocks, foreign stocks continue to maintain the lead in performance momentum in the second half of 2013.
While European stocks lagged U.S. stocks in November (1.2% vs. 2.9% according to MSCI), Japanese stocks fared well thanks to a falling yen. Assuming hedged yen exposure, Japanese stocks managed to top the S&P 500 last month with a 5.9% gain according to MSCI…
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