2nd Quarter 2012 The slowdown in global economic activity and heightened macroeconomic risks were reflected in negative equity returns for the quarter. The Dow fell 3%, the S&P 500 3%, and the NASDAQ 5%. International equities were even more affected by the downturn with the MSCI EAFE dropping 7% and the MSCI Emerging nearly 9%. The flight to quality resulted in posi ...