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October 2014 Market Commentary

U.S. stock indices reached new all-time highs in October while overseas returns disappointed. The U.S. continued on the path of recovery while other nations experienced significant headwinds, suggesting a decoupling of the world’s economies.

For the month, the S&P 500 Index gained 2.4%, while the Russell 2000 Index of smaller companies rose 6.6%. Financials, healthcare, and utilities were among the top performing sectors, while energy and materials lagged. Across market capitalizations, small-cap stocks outperformed their large- and mid-cap counterparts. Meanwhile, no investment style emerged as a favorite as growth fared best among large-caps, but trailed among small- and mid-caps.

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