2003 in Review . .

March 2004
Journal of Financial Planning;Mar2004, Vol. 17 Issue 3, p20
Academic Journal
This article presents several significant economic statistics for 2003. The Dow Jones closed at 10453.92 for a gain of 25.3 percent for the year. The Standard & Poor's 500 closed at 1111.92, up 26.4 percent. Total return was 28.69 percent. Real-estate investment trusts had their highest annual gain since 1976--total return was 38.47 percent, with a dividend yield of 5.75 percent. The Russell 2000 index gained 45.4 percent. The average diversified U.S. stock funds returned 32.8 percent. Domestic small-capitalization funds increased to 45 percent. Hedge funds returned to 13.23 percent through November 2003. Intermediate-grade corporates returned 8.3 percent. Municipal bonds returned 6.2 percent. High-yield corporates, which lost two percent in 2002, posted their second highest returns. The Dow Jones World Stock Index, which excludes the U.S. rose 38.6, the Nikkei 225 rose 24.5 percent, and emerging markets jumped 42 percent. Emerging market bonds grew 27.6 percent. The Dow Jones-AIG Commodity Index increased to 24 percent. Total return for the Domini 400 Social Index was 28.47. The U.S. inflation rate rose 1.1 percent for 2003, versus 2.4 percent in 2002.


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