The Wilshire 5000 Total Market index was up 7.73% in July to 10,158.61, the largest increase in price return in the index's 39-year history, according to a Wilshire news release.
The increase resulted in a paper gain of $800 billion.
The Wilshire Global Total Market index was up 8.56% for the month to 2,054.60, and the Wilshire Global ex-U.S. index increased 9.1% to 1,792.27.
The top regional performer was the Wilshire Europe index, up 10.14% to 2,331.51, while the Wilshire Middle East & Africa index has the smallest gain, up 5.18% to 2,312.39.
“This is a small-cap-led rally with small-cap stocks beating large-cap stocks for every month of the rally except May,” Robert J. Waid, vice president of Wilshire Associates and head of Wilshire Index Research, said in the release.
“Since the recent Wilshire 5000 low on March 9, 2009, the small-cap return is 71.52% compared to the large-cap return of 46.38%. Microcap stocks have done even better with a return of the 85.58%. This also is the first time we've had five positive months in a row since the six months ending January 2007,” he said.