US - The Dow Jones Wilshire 5000 fell -0.86% in July extending its year-to-date losses to -11.69%, despite a 4.48% rally since hitting its year-to-date low on 15 July.
Steven J. Foresti, managing director, Wilshire Associates Incorporated and head of the Investment Research Group of Wilshire Consulting, said: "We believe this shows that equity investors were encouraged by a US$25 drop in oil prices in the second half of July."
The company said small capitalisation stocks, particularly in the value style segment, were the best performers in July, with the DJ Wilshire Small Cap and DJ Wilshire Small Value indices posting gains of 1.14% and 2.90%, respectively.
In contrast, large capitalisation growth stocks dragged the broader market lower as the DJ Wilshire Large Cap Growth index retreated -2.54% for the month.
In July, financials turned in a solid gain of 5.78% for the month, pairing year-to-date losses to -21.41%. The oil & gas industry dropped -13.93% in July, giving back much of its 18.07% advance during the second quarter, Wilshire said.
Foresti said: "Markets remain extremely volatile as investors struggle to process the flow of economic signals. Record-high food and energy prices, continued tight credit conditions and a presidential election cycle have all contributed to complicate the process of price discovery."
The DJ Wilshire Global ex-US Index continued to underperform the U.S. market, more than tripling the DJ Wilshire 5000's loss with a -3.58% drop in July, bringing its year-to-date decline to -13.80%.
The emerging markets suffered the heaviest losses during July with the DJ Emerging Europe and DJ Latin America indices down -7.88% and -6.79%, respectively.
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