The US equity market in 2018 was characterised by bouts of increased volatility and changes in market leadership, which saw the S&P 500 Index reach a record high in September before giving up its gains and ending the year with a negative return of 4% in US dollars. Having been up as much as 10%, the index fell by more from its peak. However, the strength of the US dollar resulted in a positive return for sterling investors in a year when financial markets struggled across the board.
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