Equity Markets So Far in 2004

Chart of the Week for August 20-26, 2004

The high price of oil, tepid job growth and rising interest rates may be causing turmoil for many investors. The year to date returns shown in the chart above indicate that the Dow Jones Industrial Average, S&P 500 and Nasdaq Indexes reached 2004 lows over the past two weeks, although they seem to be climbing back up this week. Investors are searching for answers but some analysts have varied reasons for the volatility. One message is consistent; with all of this year’s uncertainty, investors should consider being diversified, as well as comfortable with the risk level of their portfolio, to help lessen the impact of market volatility.

This illustration was compiled by information from outside sources. These companies are not affiliated with ICMA-RC. This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. ICMA-RC does not offer specific tax or legal advice. Individuals are advised to consider any new investment strategies carefully prior to implementing.

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The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data illustrated. For performance data current to the most recent month end, contact ICMA-RC Services, LLC by calling 800-669-7400 or by writing to 777 North Capitol Street, NE, Washington, DC 20002-4240. Para asistencia en Español llame al 800-669-8216. Performance data current to the most recent quarter end is available by visiting www.icmarc.org.