The skies finally brightened for U.S. equity investors last year. After the Standard & Poor's 500 index declined by an average annual 14 percent in the three years through 2002, the index rebounded to post a 28.7 percent gain in 2003. Investors in foreign securities enjoyed even sunnier vistas, with the MSCI EAFE index gaining 35.3 percent in dollar terms, even as the MSCI emerging-markets index soared 51.5 percent.
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